Former CEO and controlling shareholder of EuroChem Russian billionaire Andrey Melnichenko this week warned that the Russia-Ukraine conflict will lead to a world food crisis and called for the war to end, according to a Reuters report, citing comments sent to the news agency by his spokesperson.
“Agriculture and food will be one of the casualties of this crisis,” Melnichenko said, adding that the war “has already led to a spike in fertilizer prices that are no longer affordable for farmers.”
He warned that food supply chains were already impacted by the COVID-19 pandemic, and events now “will lead to even higher food inflation in Europe and likely food shortages in the world’s poorest countries.”
Melnichenko on March 9 resigned from the EuroChem Board and withdrew as a main beneficiary of the group following his inclusion on the European Union’s (E.U.) expanded list of sanctioned Russian individuals, announced March 9 (GM March 11, p. 1). He also resigned from the Board and as a main beneficiary of Russia’s largest coal company SUEZ, a company he founded.
Italian authorities have reportedly seized a $580 million yacht owned by Melnichenko in the northern Italian port of Trieste.
On March 16, EuroChem Group AG, Zug, Switzerland, announced that Vladimir Rashevskiy has resigned as CEO and from the Board of Directors, effective March 15, 2022.
Rashevskiy and 14 other prominent business figures from Russia were included in another wave of sanctions the E.U. announced against Russia on March 15.
“While the move lacks any conceivable justification, Mr. Rashevskiy has stepped down in order to ensure the smooth running of the business and to help EuroChem continue underpinning global food security for millions of people worldwide,” the group said in a statement.
EuroChem appointed Sergei Tverdokhleb as the new CEO of EuroChem MCC, according to an Interfax report, citing a company statement on March 18. He also has been appointed to EuroChem MCC’s Board of Directors. He was previously Deputy for Special Projects and External Relations.