American agribusiness giant Cargill sheds slice of Russian grain business

One of the world's largest suppliers of agricultural products – American company Cargill – sold a 25% stake in the KSK company, which owns grain terminals in the Russian port of Novorossiysk, reported Bloomberg.

The buyer was the parent company of KSK – the Russian holding Delo Group.

The sale of a stake in the KSK grain terminal in Novorossiysk was Cargill's next step after the announcement that it would stop buying Russian grain for export starting in July 2023.

International grain traders Viterra and Louis Dreyfus already left the Russian grain export market earlier this year, after Russian authorities began to limit foreign influence in the grain trade.

"The sale is contingent on Russian Government approval and does not affect any other Cargill operations in the country," the company told Bloomberg.

The documents for the sale of the stake in KSK are under review by the government commission for monitoring foreign investments. The review is expected to last no more than a month.

On Wednesday, the owner of Calvin Klein and Tommy Hilfiger divested its business in Russia.

On Wednesday the EU extended sanctions against Russia for half a year.

On Thursday, the owner of IKEA found a buyer for the rest of its assets in Russia.