EuroChem Group AG has shelved plans to build a $1.5 billion nitrogen plant in Louisiana, according to Bloomberg. The company said U.S. sanctions limit access to funds and the Russian ruble’s drop makes projects in the fertilizer producer’s home market attractive.
Russia was sanctioned by the U.S. and Europe last year over the conflict in Ukraine, preventing Russia’s largest lenders and some companies from borrowing in the U.S. and European Union. The ruble plunged 46 percent against the dollar last year, cutting domestic costs.