Tages Anzeiger learned about the lifting of sanctions by Switzerland on EuroChem

According to the newspaper, the Swiss authorities decided to lift sanctionsfrom EuroChem after Andrey Melnichenko left the directors of the company

The Swiss government lifted sanctions on the Russian company Eurochem after Andrey Melnichenko ceased to be its beneficiary and left the board of directors. This was reported by the Tages Anzeiger newspaper, citing a letter from the deputy HEAD of the sanctions department of the State Secretariat for Economics (SECO) of the Swiss Confederation.

According to him, Alexandra Melnichenko, the wife of the entrepreneur, became the new beneficiary of EuroChem. Thus, the letter says, SECO has no evidence that the company is "owned or controlled by a person who is under sanctions." Also, thanks to this confirmation, the banks again unblocked the accounts of EuroChem, the newspaper writes.

EuroChem is one of the world's leading producers of nitrogen, phosphate and potash fertilizers. The company's activities include mining, as well as the production, logistics and distribution of fertilizers. The company employs more than 26 thousand people worldwide.

Melnichenko ceased to be the owner of SUEK and EuroChem amid EU sanctions Business

Melnichenko was placed on the EU sanctions list on March 9 along with 13 other Russian businessmen. The European Union explained that they included in the list those businessmen who "provide support and benefit from the government of the Russian Federation or provide it with a significant source of income."

The sanctions provide for the freezing of assets of European jurisdiction and a ban on entry into the EU countries, with the exception of entry in cases of urgent humanitarian need or to participate in intergovernmental meetings, the purposes of which are similar to those of the sanctions. Switzerland on March 16 “copied” the EU sanctions against RUSSIA.

The very next day after the publication of the EU sanctions list - March 10 - Melnichenko left the board of directors of the Siberian Coal Energy Company (SUEK) and ceased to be the beneficiary of 92.2% of its shares. “After Melnichenko left the board of directors and the number of SUEK beneficiaries, the share he controlled was reduced to 0%,” the company said. On the same day, the businessman left the board of directors of the world's leading fertilizer producer EuroChem Group (the parent company of EuroChem) and ceased to be its beneficiary.

See also the Ministry of Defense announced the destruction of equipment from the US and Europe near Zhytomyr 03:08

How to get around them Pro Articles The Russian economy has entered a period of change. How this affects banks Articles

Melnichenko previously admitted that if the conflict between Russia and Ukraine cannot be resolved, then the world risks facing a global food crisis. Global fertilizer prices have skyrocketed, he said, and they are "no longer affordable for farmers" and food supply chains, already disrupted by the covid-19 pandemic , are now suffering from sanctions. The victims of this crisis will be agriculture and food products, the businessman believes.

“This will lead to even higher food inflation in Europe and likely food shortages in the world's poorest countries,” Melnichenko said. “The events in Ukraine are really tragic. We urgently need peace,” he said.

According to REUTERS, Russia accounts for 13% of global fertilizer production. The country produces potash, phosphorus and nitrogen-containing fertilizers - the main nutrients for crops and soil.