BASF to Wind Down Business in Russia, Belarus by July
27 April 2022 - 10:46AM
Dow Jones News
By Ed Frankl
BASF SE said Wednesday that it would wind down its remaining
business in Russia and Belarus by the start of July.
The German chemical company said in March that it wouldn't
conduct new business in the countries, which accounted for 1% of
group sales in 2021, after Russia's invasion of Ukraine.
"This decision is driven by the recent developments of the war
and in international law, including the fifth EU sanctions
package," BASF said in a statement.
Exempt from the decision to exit Russia and Belarus is business
to support food production, "as the war risks triggering a global
food crisis," the Ludwigshafen-based company said.
The DAX-listed company added that it was currently developing
detailed plans for an orderly cessation of its business in the
countries.
BASF has 684 employees in Russia and Belarus and said it would
continue to support employees in both countries until the end of
2022.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
April 27, 2022 04:31 ET (08:31 GMT)
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