Louis Dreyfus to cease exporting Russian grain as of July 1 - company

MOSCOW. April 3 (Interfax) - Louis Dreyfus, one of the world's leading traders, will cease exporting Russian grain as of July 1, according to a letter from Paulo Hladchuk, country head of Louis Dreyfus Company Vostok LLC, addressed to Russian First Deputy Agriculture Minister Oksana Lut, the text of which Interfax has reviewed.

The Agriculture Ministry has confirmed receiving the letter and its content.

"Amid the increasing complications regarding the export of grain, we hereby confirm that the LDC group will cease exporting grain from Russia as of July 1, 2023," according to the letter.

The company also says that it is exploring options for transferring the existing Russian business in LDC's grain assets to new owners and promises to keep the Agriculture Ministry informed of the developments.

Louis Dreyfus owns a terminal on the Sea of Azov.

Louis Dreyfus has become the third global company since July 1, 2023, to announce its decision to halt grain exports from Russia, with Cargill and Viterra having recently issued similar statements. Agricultural trader Archer-Daniels-Midland Co. is also reportedly exploring options to cease operations in Russia.

The Agriculture Ministry previously stated that the departure of foreign traders from Russia would not affect exports of Russian grain and that all transshipment capacity would remain and continue to operate as usual.

The ministry emphasized that, "the Russian market is open to all conscientious foreign companies whose work is aimed at developing the export opportunities of the domestic agribusiness."

"Meantime, the sector is highly competitive, and Russian players are ready to occupy the vacant niches quickly," the ministry stressed.