Bloomberg: after Viterra and Cargill, the agro-industrial corporation ADM may leave Russia
Archer Daniels Midland (ADM), an international agro-industrial company, one of the largest players in the global market, is considering options for leaving the Russian market. Bloomberg became aware of the company’s plans.
The agency links the corporation’s decision to pressure from the US authorities, who demanded that ADM stop relations with Moscow against the backdrop of the entry of Russian troops into the territory of Ukraine. If the agro-industrial giant does cease operations in the country, it will become the third largest company in this sector after grain traders Viterra and Cargill.
Despite the fact that the decision of companies to stop trade ties with Russia is aimed at limiting state revenues, it will affect the country in a positive way, writes Bloomberg. After the departure of Western companies, Russia’s control over global food supplies will increase, and revenues from the sale of agricultural products to the budget will increase significantly.
In the week that began on March 27, large grain traders Cargill and Viterra announced their withdrawal from the Russian market. The first company explained its actions by the growing problems associated with the supply of Russian grain abroad. The Russian subsidiaries of both corporations will stop exports from the new agricultural year, which begins on July 1.