The Green Markets North America fertilizer price index rose nearly 10% to an all-time high as the market fears that potential sanctions on Russia, a major low-cost shipper of all major types of crop nutrients, could disrupt global trade.

The country accounts for nearly one-fifth of 2021 fertilizer exports.

Russia has urged domestic fertilizer producers to cut exports, further stoking fears of shortages. The war is also driving up the cost of natural gas, the main input for most nitrogen fertilizers, which has forced some European producers to cut production.

At the same time, the prices of staple crops such as wheat, corn and soybeans are pushing millions of people into hunger.

The conflict has also made energy more expensive and Russia is one of the world's major players in this sector, accounting for 18% of global coal exports, 11% of oil and 10% of gas.

Rising energy costs are rising, and the war in one of the world's breadbaskets threatens agricultural inputs, such as fertilizers, could further increase food prices.