According to a news release from the company, the decision to cease trading activities includes sales of finished products as well as the sourcing of raw materials. The stoppage applies, until further notice, to all BioMar entities around the globe.
The company says that the decision has not been taken lightly “as substituting raw materials and losing sales volume will have a significant impact”.
“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,” explained Carlos Diaz, CEO of BioMar Group.
The trade ban has been approved by the board, and the company will start the process of closing all activities from 5 March, evaluating commitments and goods in transit in the supply chain case by case.
“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,” concluded Carlos Diaz.
All BioMar employees in Russia and Ukraine are being kept in employment and supported by the BioMar organisation, despite business activities being disrupted.