Russian President Vladimir Putin has approved the sale of an elevator unit owned by global agribusiness giant Louis Dreyfus Company (LDC) to an unnamed buyer, Reuters reported from a government document.
Since Russia invaded Ukraine in February 2022, numerous Western companies - including LDC and other global agribusiness giants such as Cargill and Viterra - had sold assets or left the Russian market, the 29 November report said.
When LDC stopped exporting Russian grain on 1 July 2023, the company said it was assessing options for transferring its existing Russian business and grain assets to new owners.
In Russia, presidential approval is required for deals in the finance and energy sectors.
Putin’s order authorising the sale of Russian Elevator Company (Ruselco) was dated 28 November, Reuters wrote.
At the time of the report, LDC had not responded to a request for comment.
One of Russia’s largest sunflower producers, Bio-Ton was named as a possible buyer by industry sources.
Bio-Ton could not be reached for comment at the time of the report, Reuters said.
According to a 29 November Interfax report, Bio-Ton is one of Russia’s leading crop growing companies and the largest in the Volga region. It has assets in the Samara, Saratov, Ulyanovsk, Penza and Volgograd regions and the Stavropol Territory.
In addition to sunflowers, the company grows winter and spring wheat, barley, corn, peas, buckwheat, chickpeas, and other industrial crops.
