Brazilian President Jair Bolsonaro reiterated Monday his opposition to economic sanctions against Russia, in order to retain the supply of Russian fertilizer imports to Brazilian agribusiness.

"We are not going to adhere to sanctions (against Russia). We maintain a balanced position because without Brazil's balance on this issue today, we would not have fertilizers for our agribusiness," Bolsonaro said during the Global Agribusiness Forum 2022 in the city of Sao Paulo.

The president defended the country's decision to maintain trade ties with Russia to ensure food production.

"Without fertilizers, our guarantee of food security and that of 1 billion people in the world would be threatened," he added.

Bolsonaro also noted that in December his government decided to expand the national fertilizer program in search of alternatives to imports.

Brazil, Latin America's largest economy, is the world's leading soybean producer and the world's leading exporter of animal protein.

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