MOSCOW, Mar 29 (PRIME) -- The Russian subsidiary of U.S. company Cargill plans to suspend exports of Russian grain in the next agricultural year that will start on July 1, 2023 and end on June 30, 2024, RBC business newswire reported on Wednesday citing a company’s letter and market sources.
Cargill notified Deputy Agriculture Minister Oksana Lut of its plans in a letter on Tuesday, the newswire said quoting the document, the authenticity of which was confirmed by a source close to the ministry. Two other market sources confirmed Cargill’s plans.
In the letter, the company said that it would comply with export plans in the current agricultural year in full. Cargill also initiated revision of the portfolio of its grain export assets, but plans no revision of other types of assets in Russia, RBC reported.
Cargill’s Russian subsidiary is the sixth largest exporter of the country’s grain that is to export 2.2 million tonnes in the current agricultural year, accounting for about 4% of Russia’s combined grain exports.
According to the Union of Grain Exporters, Cargill exported 1.5 million tonnes of Russian grain in the 2021–2022 agricultural year and 2.3 million tonnes in the 2018–2019 season.
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