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Belarusian President Lukashenko expanded the currencies allowed for paying potash export duties to include Russian rubles and Chinese yuan, alongside U.S. dollars and euros. The order also lets the government set 2022-2023 export duty rates.
Belarusian potash exports have fallen sharply because of U.S. and EU sanctions on Belaruskali and its trader BPC.
The payment change is a workaround that helps Belarus keep exporting potash despite sanctions, which would otherwise remove a major supplier from the market. Sanctions-restricted flows keep the global potash market tight and supportive of prices.
interfax.comJun 16, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
