Grain trader Viterra to follow Cargill in leaving Russian market - Bloomberg
Viterra plans to leave by the end of this agricultural season
Two of the largest Western suppliers of Russian grain, Cargill Inc. and Viterra, will stop purchasing for export in Russia.
Source. Bloomberg reports.
According to sources familiar with the situation, Viterra, which is backed by Glencore, plans to leave the Russian export market and will soon announce its decision. Cargill will stop exporting grain received by the company in Russia in July, but will continue to buy Russian cargoes from other companies.
In the first half of the season, Viterra and Cargill were among the six largest exporters of Russian wheat. Russian grain is not under sanctions, but trade may be hampered by restrictions on Russian banks and state-owned companies.
This season, Viterra, Cargill, and LDC are among the top ten shippers.
According to one of the sources, Viterra plans to leave by the end of this agricultural season. For now, the company is still shipping grain and figuring out what to do with its assets. Viterra owns 50% of the Taman grain terminal on the Black Sea.
Cargill, for its part, cited growing problems with grain exports.
"As the problems related to grain exports continue to grow, Cargill will stop supplying Russian grain for export in July 2023 after the end of the 2022-2023 season," the representative said.
Background. As reported earlier, the Russian authorities are now doing everything they can to seize assets from Western companies that are leaving Russia.
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