Uralkali made a payment via PXF from assets blocked by sanctions

Fertilizer manufacturing company “Uralkali» made a payment on syndicated debt (PXF). To do this, the corporation used funds blocked in collateral accounts in the amount of more than 9.3 billion rubles. This follows from report company according to IFRS for the first half of 2023, published on the corporate information disclosure portal.

According to the report for the first half of the year, the company entered into an agreement on permission to write off blocked money against debt with the agent Credit Agricole Corporate & Investment Bank on June 19, 2023. For this, the bank received special permission from the French Central Bank.

Uralkali planned to make the PXF payment in 2022 through the agent Credit Agricole. Uralkali failed to do this, since its co-owner Dmitry Mazepin was included in the sanctions lists of the UK and the European Union. After this, Mazepin transferred control of the Uralchem ​​group (Uralkali is its subsidiary) to the Chairman of the Board of Directors Dmitry Tatyanin and General Director Dmitry Konyaev. Uralkali stated that after this the credit agent could not refuse to make the payment, since the former co-owner was no longer related to the company, reported formerly Interfax.

In July, Uralchem ​​said it planned to send about 300,000 tons of fertilizer to African countries as humanitarian aid. Konyaev noted at the Russia-Africa summit that the European Union does not simply give away fertilizers even as part of charitable deliveries, so the corporation is working on humanitarian supplies to Africa through the UN.