The completion of the sale is subject to customary closing conditions, including regulatory approval.
Bunge first established a business in Russia, Bunge CIS, in 2004 with a large oil extraction plant in the country capable of producing 500,000 tons of raw materials and over 200 million bottles of sunflower oil annually.
Russia and Ukraine supply nearly a third of the world’s wheat exports, a fifth of globally traded corn, and roughly 80% of the world’s supply of sunflower oil, according to Reuters.
Bunge is part of a larger group of ingredient suppliers (ADM and Cargill both suspended operations earlier this year) who have been scaling back operations in the region since Russia’s invasion of Ukraine in February 2022.
In February 2022, Bunge temporarily suspended its Ukraine-based operations and grain export terminal in the Nikolaev commercial seaport.
“We are grateful to the team for continuing to deliver essential food and feed in this challenging environment. With Karen Vanetsyan’s more than 25 years of experience in agricultural processing, we are confident the team will continue to successfully serve customers,” commented Greg Heckman, Bunge’s CEO.