Tages Anzeiger learned about the lifting of sanctions by Switzerland from EuroChem

According to the newspaper, the Swiss authorities decided to lift sanctions from EuroChem after Andrey Melnichenko left the directors of the company

The Swiss government lifted sanctions from the Russian company Eurochem after Andrey Melnichenko ceased to be its beneficiary and left the board of directors. This was reported by the newspaper Tages Anzeiger with reference to a letter from the deputy head of the sanctions department of the State Secretariat for Economics (SECO) of the Swiss Confederation.

According to him, the new beneficiary of Eurochem became Alexandra Melnichenko— entrepreneur's wife. Thus, the letter says, SECO has no evidence that the company is “owned or controlled by a person who is under sanctions.” Also, thanks to this confirmation, the banks again unblocked the accounts of EuroChem, the newspaper writes.

EvroChem— one of the world's leading producers of nitrogen, phosphate and potash fertilizers. The company's activities include mining, as well as the production, logistics and distribution of fertilizers. The company employs over 26,000 people worldwide.

Melnichenko was placed on the EU sanctions list on March 9 along with 13 other Russian businessmen. The European Union explained that they included in the list those businessmen who “provide support and benefit from the government of the Russian Federation or provide it with a significant source of income.”

The sanctions provide for the freezing of assets of European jurisdiction and a ban on entry into the EU countries, with the exception of entry in cases of acute humanitarian need or to participate in intergovernmental meetings, the purposes of which are similar to those of the sanctions. Switzerland March 16 “copied” EU sanctions against Russia.

The very next day after the publication of the EU sanctions list— March 10— Melnichenko left the board of directors of the Siberian Coal Energy Company (SUEK) and ceased to be the beneficiary of 92.2% of its shares. “After Melnichenko left the board of directors and the number of SUEK beneficiaries, the share he controlled was reduced to 0%,” — told the company. On the same day, the businessman left the board of directors of the world's leading fertilizer producer EuroChem Group (the parent company of EuroChem) and ceased to be its beneficiary.

Read on RBC Pro Pro How Ukraine is mastering cryptocurrencies against the backdrop of a Russian special operation Articles Pro x The Economist A measure of ignorance: why economic growth forecasts do not come true Articles Pro Lockdowns in China threaten a new logistical crisis. What to expect Articles Pro Ceiling above 700 thousand rubles. per month: how much No-code developers earn Articles Pro Sushi without salmon: what products will soon be in short supply in restaurants Articles Pro Be like us: why Coca-Cola changed its name in China to Ke Kou Ke Le Articles Pro what you need to know about doing business in IndiaMelnichenko previously admitted that if the conflict between Russia and Ukraine cannot be resolved, then the world risks facing a global food crisis. Global fertilizer prices have skyrocketed, he said, and they are “no longer affordable for farmers,” and food supply chains that were already disrupted by the COVID-19 pandemic are now suffering from sanctions. The victims of this crisis will be agriculture and food products, the businessman believes. ; Melnichenko said. “The events in Ukraine are truly tragic. We urgently need peace, — he noted.

According to Reuters, Russia accounts for 13% of world fertilizer production. The country produces potash, phosphorus and nitrogen-containing fertilizers— the main nutrients of agricultural crops and soil.

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