30 Mar 2023 20:39

Viterra officially announces cessation of grain exports from Russia from July of current year

MOSCOW. March 30 (Interfax) - Global grain trader Viterra has officially announced that it will stop exporting Russian grain starting on July 1 of this year.

A market source familiar with a letter from company CEO David Mattiske to Russian First Deputy Agriculture Minister Oksana Lut told Interfax that Viterra Limited said that starting from July 1, 2023 it does not intend to continue exporting grain and is considering the transfer of its business in Russia to new owners.

The letter notes that the details of the proposed transactions are currently under discussion. When they are finalized, Viterra will inform the Agriculture Ministry and apply to the government commission on foreign investment for approval of the transaction.

The Agriculture Ministry confirmed receipt of the letter and its contents to Interfax. "Viterra's withdrawal from the market will not affect Russian grain export indicators, all transshipment facilities will be preserved and will continue to operate as usual," the ministry said.

The Agriculture Ministry also stressed that "the Russian market is open for all bona fide foreign companies, whose work is aimed at developing the export opportunities of the domestic agricultural sector. "At the same time this sector is highly competitive and Russian players are ready to promptly occupy vacated niches," the ministry said.

A say prior, grain trader Cargill also announced its plans to withdraw from the Russian grain export business.