Russian fertilizer producer PJSC PhosAgro said May 25 that it halted product sales and shipments to Ukraine following the country's decision to impose sanctions on company affiliates OJSC Apatit and LLC PhosAgro-Ukraine.
The measures include the blocking of assets, restriction of trading operations and a moratorium on the performance of obligations.
PhosAgro CEO Andrey Guryev called the measures discriminatory but noted that these will not have a meaningful negative impact on the company.
"Our flexible production and sales models, combined with well-organised and efficient logistics operations, mean that PhosAgro can quickly re-direct volumes originally bound for Ukraine to other countries and markets where the business climate is more welcoming, including to our domestic Russian market," Guryev said.
PhosAgro's overall fertilizer production in the first quarter exceeded 2.3 million tonnes, up 18.5% year over year, while total fertilizer sales swelled 20.5% to 2.4 million tonnes in the period.
The company's Apatit mine and beneficiation plant produced 2.5 million tonnes of phosphate rock during the quarter.
