Viterra confirms plans to exit Russian grain export market

Viterra, Glencore's agriculture arm and one of the biggest world traders has followed fellow multinational Cargill and confirmed its plans to cut its presence in the Russian market, it said Thursday.

“Viterra Limited has decided not to continue its origination and export programs out of Russia after July 1, 2023. Following continued monitoring of the situation over the past year, Viterra has concluded that its activities in Russia no longer fit the long-term direction of the company,” a spokesperson told Agricensus.

“We are assessing options to transfer our business and assets in Russia to new owners and will provide further information when and if appropriate,” the spokesperson added.

Viterra is the fourth biggest Russian grain exporter according to grain quota, with 2.1 million mt approved for export during the February 16-June 30 period this year.

Viterra owns a terminal in Rostov-on-Don and a 50% stake in the terminal in the port of Taman, while another 50% is owned by Demetra Holding, which is 45% owned by Russian state bank VTB.

Demetra Holding is the primary owner of the terminals and port in the biggest Russian Black Sea export facility of Novorossisysk, as well as of the rail operator Rusagrotrans.

Earlier Thursday, Cargill said it would stop elevating and handling Russian grain for export in July 2023 after the completion of the 2022-2023 season but would continue shipping Russian grain.

The company did not say if the decision to stop handling Russian grain meant it would sell any of its Russian assets.