The German chemical company Basf announced the interruption of new business in Russia and Belarus, this Friday (4). The company said it will continue to carry out existing activities at these locations in accordance with Western sanctions.
BASF joins a number of Western companies that have frozen investments in Russia following the invasion of Ukraine.
Earlier this week, Wintershall Dea AG, a German oil and gas company that BASF holds a majority stake in, said it would cancel its €1 billion financing on the Nord Stream 2 pipeline and no longer pursue new energy ventures. in Russia.
“New business opportunities in Russia and Belarus will not be pursued; the only exception relates to food production in the context of humanitarian efforts,” said a BASF spokeswoman.
Also according to him, the company will only conduct business that already exists in the countries “to fulfill its commitments in accordance with applicable international laws, regulations and rules”.
Basf has been operating in Russia for over 145 years and has around 700 employees in the country working in 12 locations. The company primarily serves the agriculture, healthcare, automotive development and construction industries.
In 2021, Russia accounted for about 1% of BASF’s total sales.
Source: Dow Jones Newswires.
Source: CNN Brasil
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