March 7, 2022

BioMar stops all commercial activities with and within Russia

 

BioMar Group, like countless companies worldwide, has shut down all trade activities with Russia, following the country's invasion of Ukraine.

The decision includes sales of finished products as well as the sourcing of raw materials.

The decision 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," said Carlos Diaz, chief executive officer of BioMar Group.

The trade ban has been approved by BioMar's board, and the company started the process of closing all activities with immediate effect, while also evaluating commitments and goods in transit in the supply chain on a case-by-case basis.

"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," Diaz added.

Nevertheless, all BioMar employees in Russia and Ukraine are still kept in employment and supported by the company, despite business activities being disrupted.

- BioMar