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Switzerland lifts sanctions from EuroChem after Melnichenko quits board - paper

Alexandra Melnichenko, the businessman’s wife, became the new beneficiary of EuroChem, the Tages-Anzeiger said

MOSCOW, May 22. /TASS/. The government of Switzerland lifted sanctions against international fertilizer producer EuroChem after Andrey Melnichenko stopped being its beneficiary and left the company’s board of directors, the Tages-Anzeiger newspaper reported.

The report, which cited a letter by deputy head of the sanctions department of Switzerland’s State Secretariat for Economic Affairs (SECO), said Alexandra Melnichenko, the businessman’s wife, became the new beneficiary of EuroChem. Therefore, SECO has no evidence proving that EuroChem is "owned or controlled by an individual who is under sanctions" and no reasons to go ahead with the restrictions imposed on the company.

The European Union unveiled its new package of sanctions on March 9, blacklisting 14 Russian businessmen and their family members, including Melnichenko. After the announcement, Melnichenko left the EuroChem board of directors and stopped being its beneficiary.

EuroChem is among the world’s largest fertilizer producers. Its main production capacities are located in Russia, Belgium, Kazakhstan and Lithuania. The company employs over 27,000 people in 40 countries worldwide and supplies its products to over 100 states all over the world.

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