YARIY Yara International ASA (PK)

By Dominic Chopping

Norwegian fertilizer producer Yara International ASA said Monday that the effects on its supply chain from current sanctions on Belarus have forced the company to initiate a wind-down of its sourcing of Belarusian potash, a key ingredient for the production of mineral fertilizers used in food production.

"The effects of the current sanctions on Belarus reduce Yara's ability to positively influence the safety and well-being of Belaruskali workers," Yara Chief Executive Svein Tore Holsether said.

"Despite the wind-down of potash sourcing, Yara aims to continue the industrial safety program initiated in 2021, in close cooperation with the independent trade union in Belaruskali and in full compliance with applicable sanctions."

Yara said although its sourcing from Belarus is in full compliance with applicable sanctions, other parts of the supply chain are withdrawing essential services required to enable potash exports from Belarus, as a result of which Yara has initiated a wind-down in sourcing activities.

The wind-down is expected to be completed by April 1.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

January 10, 2022 02:40 ET (07:40 GMT)

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