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Uralchem starts selling fertilizers in yuan, developing markets ready for payments

The main sanctions-related problems fertilizer producers are currently facing concern chartering and insuring vessels, as well as making payments, Dmitry Mazepin stated

MOSCOW, November 23. /TASS/. Uralchem has started sales of fertilizers to Brazil for Chinese yuan, with developing countries in general ready to pay in the Chinese currency, co-owner of the company, Head of the RSPP (Russian Union of Industrialists and Entrepreneurs) Commission on Mineral Fertilizers Production and Trading Dmitry Mazepin said at a meeting with Russian President Vladimir Putin on Wednesday.

The main sanctions-related problems fertilizer producers are currently facing concern chartering and insuring vessels, as well as making payments, the businessman stated.

"We have recently learned not to work with the euro and the dollar, for example, we already sell fertilizers to Brazil for yuan. As the yuan is the most liquid currency today, developing countries are ready to pay in yuan, which eases [the situation] for us since we are prohibited from using the euro and the dollar, though the companies are not under sanctions, the owners of those companies are," he explained.

That said, the owners of fertilizer producers have either quit the business or reduced their share to a non-controlling one, Mazepin added, saying that he hoped BRICS states would be able to use rubles for payments in the future.

Uralchem is one of the world’s largest producers and exporters of nitrogen, potash and complex fertilizers. Its key assets include the Azot Branch in the city of Berezniki, the KCKK Branch in the city of Kirovo-Chepetsk, the PMF Branch in Perm, along with Voskresensk Mineral Fertilizers JSC and other assets. The company also owns Uralkali, a major global potash producer.

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