BioMar stops all commercial activities with and within Russia
Monday, March 7, 2022
Following the invasion of Ukraine, BioMar Group shut down all trade activities with Russia. The decision includes sales of finished products as well as the sourcing of raw materials and applies to all BioMar entities around the globe. The ban is a major step for the company, 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 Díaz, CEO of BioMar Group.
The trade ban has been approved by the board, and the company will start the process of closing all activities, 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 this will have, we believe is the right thing to do,” concluded Díaz.
All BioMar employees in Russia and Ukraine are being kept in employment and supported by the BioMar organization, despite business activities being disrupted.
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