Global agribusiness giant Cargill has announced it would stop elevating Russian grain exports from I July at the start of the new export season, World Grain reported.
In response to Russia’s invasion of Ukraine on 24 February last year, Cargill had scaled back its business activities and stopped new investments in Russia, operating only essential food and feed facilities, the 29 March report said.
The US-based company had been one of the largest non-Russian exporters of Russian wheat, World Grain wrote.
“However, as grain export-related challenges continue to mount, Cargill will stop elevating Russian grain for export in July 2023 after the completion of the 2022-2023 season,” Cargill was quoted as saying in a statement to World Grain.
“Cargill intends to continue shipping grain from Russia to destination markets in line with our purpose to nourish the world. Cargill’s other essential food and feed activities, including starches and sweeteners, oils and fats, and animal feed are not impacted by these changes.”
The company owns a stake in the grain terminal in the Black Sea port of Novorossiisk, the report said.
The development would not affect the volume of Russia’s domestic grain shipments, regardless of who manages the grain export assets, the country’s agriculture ministry was quoted as saying in a Reuters report on 29 March.
Russia is the largest supplier of wheat to global markets, with total exports of 33M tonnes accounting for about 17% of the total in 2021, according to the US Department of Agriculture.
