US allows Venezuela fertiliser imports

The US government on Friday authorized imports of fertilizer from Venezuela, whose leader it deposed in January, as the US-Israel war against Iran drives up prices of the key agricultural commodity.

Washington has issued new licenses as part of the ongoing easing of its sanctions on Venezuela’s energy sector after it ousted president Nicolas Maduro in a January 3 raid on Caracas.

In addition to oil and gas, the licenses now include trade in fertilizers, including urea and phosphates.

With production in the Gulf countries at a standstill and gas prices rising, the war is disrupting the supply of fertilizers and posing risks to global food security.

A third of all fertilizer shipped by sea comes from the Gulf region and cannot make it to the global market as Iran has effectively closed the Strait of Hormuz.

That has sent global prices soaring, with the UN expressing concern in particular about the impact on developing countries.

“These authorizations expand permitted investment and activities in Venezuela’s energy industry and allow for the export of fertilizer directly to the US to support our great American farmers,” said a Treasury official, on condition of anonymity.