September 19, 2022
American agribusiness Bunge said Monday that it has entered into a deal to sell its oilseed processing business in Russia to the controlling shareholder of Exoil Group, Karen Vanetsyan, as the Putin regime’s war against Ukraine continues to fuel tensions in geopolitical and trade spheres.
“We are grateful to the team for continuing to deliver essential food and feed in this challenging environment. With Karen Vanetsyan’s more than 25 years experience in agricultural processing, we are confident that the team will continue to successfully serve customers,” Greg Heckman, chief executive officer of Bunge, said in a company release.
The transaction includes a sunflower processing plant in Voronezh, Russia. Bunge said the sale is subject to customary closing conditions and regulatory approvals. A company release on the deal did not include details on the financial terms.
Russia’s invasion of Ukraine began in late February, drawing international condemnation from government officials, humanitarian organizations, and the business community. The war continues to impact global trade, particularly the movement of agricultural commodities.
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