Viterra to Change its Business Operations in Russia

Global grain trader Viterra’s management team in Russia plans to create an independent Russian grain exporter once the company ceases export activities in the country.

Viterra — whose owners include mining and trading giant Glencore and the investment management firm for the Canada Pension Plan — has decided not to continue its origination and export programs out of Russia after July 1st.

Russia is the world’s largest wheat exporter.

Viterra and sanctions-hit Russian lender VTB share ownership of a grain terminal in the Black Sea port of Taman.

Viterra says that it’s assessing options to transfer its business and assets in Russia to new owners.

Russia’s agriculture ministry said in a separate statement that Viterra’s decision will not affect the amount of Russia’s grain exports.

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