Aquafeed giant BioMar Group has ceased all commercial trade activities within Russia in response to the Ukraine invasion.
Denmark-headquartered BioMar said the ban, which applies to all of its businesses around the world, would have a significant impact on its business and operations, but maintains that it has taken the right decision.
It confirmed the move on 5 March 2022, saying the trade ban has been approved by the board, and that the company will immediately start the process of closing all activities, and will evaluate commitments and goods in transit in the supply chain on a case-by-case basis.
BioMar CEO, Carlos Diaz, said, “This has not been an easy decision, but as a company driven by our purpose and values, we must take a stand. We believe it is our responsibility to make a positive impact on the environment and human rights around the world. Therefore, we will not collaborate with Russia while they are violating the sovereignty of Ukraine and causing a humanitarian crisis.
“Unfortunately, our decision will have a significant impact on our customers in Russia, and it might impact our formulation costs going forward, but we needed to draw a line in the sand. We do not hold the Russian people responsible, and we will do what we can to find solutions for our customers and employees. Despite the impact we believe is the right thing to do.”
All BioMar employees in Russia and Ukraine will being kept in employment and supported by the company, it advised.
