U.S.-based commodities trader Cargill said on Thursday it had agreed to sell its stake in a Russian grain terminal to Russia’s Delo Group.
“In line with Cargill’s earlier announcement to stop the export of Russian grain in July 2023, we can confirm we have reached an agreement with Delo to sell our 25% stake in our KSK grain terminal in Novorossiysk,” the company said in a statement.
It said the sale was contingent on Russian government approval. A company spokesperson declined to give financial details of the deal.
A representative for Delo, a transport and logistics group, said the Russian government’s foreign investment commission was reviewing the deal, and this was expected to take no more than a month.
Many Western companies have pulled out of Russia since its February 2022 invasion of Ukraine, often taking heavy losses on the sale of their local businesses.