BioMar puts a halt on all commercial activities with and within Russia
By Nestor Arellano
By Nestor Arellano
Global fish feed manufacturer BioMar Group has joined a growing list companies that are suspending commercial activities in Russia following President Vladimir Putin’s decision to invade Ukraine.
“This has not been an easy decision, but as a company driven by our purpose and values, we must take a stand,” Carlo Diaz, chief executive office of BioMar group, explained in a press release. “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.”
The trade ban has been approved by the company’s board. BioMar has begun the process of closing all activities, evaluating commitments and goods in transit in the supply chain on a case by case basis.
Diaz acknowledged that the move “will have a significant impact” on BioMar’s customers in Russia and the company’s formulation cost.
“…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,” Diaz said.
Until further notice, BioMar will stop trading with Russia. This applies to all BioMar entities around the globe. The ban is a major step for the company, as substituting raw materials and loosing sales volume will have a significant impact, according to BioMar.
The company said all BioMar employees in Russia and Ukraine are “being kept in employment and supported” by BioMar during this period.
As the invasion of Ukraine by Russia troops entered its third week, Western countries have recently expand their coordinated sanctions against Russia. A number of companies with operations in Russia or doing business with Russia have also halted operations as part of a global call for Putin to stop hostilities and pull back his troops.