Switzerland lifts sanctions on Russian EuroChem

Switzerland lifts sanctions on Russian EuroChem

The Swiss authorities have lifted sanctions from one of the world's leading agrochemical companies Eurochem after Russian businessman Andrey Melnichenko left the holding's board of directors, the Swiss newspaper Tages-Anzeiger reported.

Alexandra Melnichenko, the entrepreneur's wife, became the new beneficiary of EuroChem, whose headquarters is located in Zug, Switzerland. "Alexandra Melnichenko is the beneficial owner of the trust", the State Secretariat for Economics (SECO) said, RIA Novosti reports.

The department also said that they "have no convincing evidence based on facts" that EuroChem "is owned or controlled by a person under sanctions".

Also, all bank accounts of Eurochem were unblocked in the country.

On March 9, Melnichenko, who was on the EU sanctions list, left the board of directors and was no longer the main beneficiary of EuroChem.

Let us remind you that that EuroChem Holding was founded in 2001. Its enterprises produce mainly nitrogen and phosphate fertilizers. The mineral and chemical company EuroChem manages the Russian assets of the EuroChem Group.