Uralkali unable to make PXF payment - company

MOSCOW. March 24 (Interfax) - Uralkali , the owner of which Dmitry Mazepin has been subject to EU and UK sanctions, has been unable to conduct a payment for pre-export financing (PXF) via its agent Credit Agricole, the potash miner said in a statement.

"All monetary funds necessary to secure an upcoming tranche on March 24, 2022 were made available to Credit Agricole Corporate & Investment Bank for a forwarding payment. However, despite all measures undertaken by the company, the facility agent informed the company it would not accept the tranche from the company and, accordingly, the facility agent would not make the payment to the company's lenders," the statement reads.

"Uralkali assumes that the facility agent's actions are related to the uncertainty that arose following the designation of Mr. Dmitry Mazepin as an EU designated person on 9 March 2022 and as a UK designated person on 15 March 2022," the company said. Uralkali believes that there are no grounds to refuse payment due to the fact that Mazepin no longer has control over the company.

Mazepin, having been subject to EU sanctions in early March, transferred control of the Uralchem Group to his longtime associates, board chairman Dmitry Tatyanin and CEO Dmitry Konyaev. Mazepin was left with 48% of Basic Chemical Company Uralkhim LLC, which controls 100% of Uralkali.