BASF to ‘Wind Down’ Non-ag Activities in Russia, Belarus
BASF on April 27 said it would “wind down” business activities in Russia and Belarus that don’t support food production, doing so in connection with international sanctions.
BASF announced in early March it would not conduct new business in Russia and Belarus, “in light of the war of aggression against Ukraine ordered by the Russian government,” according to the company’s recent news release. “BASF strongly condemns the Russian attack on Ukraine and the violence against the civilian population.
“The Board of Executive Directors of BASF SE has now decided to also wind down the company’s remaining business activities in Russia and Belarus by the beginning of July 2022,” according to the news release.” Exempt from this decision is business to support food production, as the war risks triggering a global food crisis.”
The company said its decision is driven by the recent developments of the war and in international law, including the fifth E.U. sanctions package.
Currently, 684 employees work for BASF in Russia and in Belarus, according to the news release. BASF has decided to continue to support its employees in both countries until end of 2022. Detailed plans for an orderly cessation of BASF’s business in Russia and Belarus are currently being developed.
In 2021, Russia and Belarus accounted for about 1% of BASF Group’s total sales, according to the news release.