Louis Dreyfus suspends operations in Russia
Louis Dreyfus Co., (LDC), one of the world’s largest agricultural commodity merchants, has suspended its operations in Russia, it said on Friday.
LDC did not provide further details in an emailed response to a question about the impact of Russia’s invasion of Ukraine on its activities. Like other crop traders, it has already suspended operations in Ukraine as the war has halted commercial shipping.
The week-old war has rattled grain markets as it threatens to choke supplies from Ukraine and Russia, which together account for about 30 per cent of world wheat exports and 20 per cent of corn exports.
LDC operates a grain export terminal on the Azov Sea, with annual capacity of about one million tonnes, and exports 1.5 million to three million tonnes per year in total from Russia, according to its website.
The Azov Sea has been closed to shipping due to the war. Russian ports on the Black Sea remain open but traders say international companies and ship owners are reluctant to use them because of the war and related sanctions.
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