(Bloomberg) -- Shares of major nitrogen-fertilizer producer CF Industries Holdings Inc. surged to a record high as Russia’s attack on Ukraine threatens to disrupt global supplies of the crop nutrient.

Russia was the world’s largest exporter of nitrogen products in 2021, Green Markets analyst Alexis Maxwell said in a Bloomberg Intelligence report. U.S. President Joe Biden promised to impose “severe sanctions” against Russia for its invasion of Ukraine and will spell out the economic penalties in a public address scheduled for Thursday afternoon.

The risk of disruption to shipments comes as costs for fertilizers have already been skyrocketing because of high prices for natural gas in Europe, which forced some plants to halt or curtail production. The jump in costs of the nutrient is stoking concerns about rising food inflation as crop prices climb. 

“Reduced exports would tighten balances in Northern Hemisphere agricultural markets first, since their main consumption season occurs in 2Q, while benefiting North American peers such as CF Industries, Mosaic and Nutrien,” Maxwell said.

Deerfield, Illinois-based CF Industries shares rose as much as 7.2% Thursday to $79.81 a share.

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