Putin approves sale of Louis Dreyfus elevator unit in Russia to unnamed buyer

Moscow | Reuters — Russian President Vladimir Putin has approved the acquisition of 100 per cent of the shares in a elevator company owned by trading and food processing firm Louis Dreyfus Company (LDC) to an unnamed buyer, a government document showed.

LDC stopped exporting Russian grain on July 1, 2023, and said it was assessing options for transferring its existing Russian business and grain assets to new owners.

Scores of Western companies have sold assets or abandoned the Russian market since Moscow sent troops into Ukraine in February 2022.

Presidential approval is required for deals in the finance and energy sectors.

Other international grain traders, such as Cargill and Viterra, have curtailed and operations in Russia since the invasion.

Putin’s order, authorising the sale of Russian Elevator Company (Ruselco) was dated Nov. 28. LDC did not immediately respond to a request for comment.

A source in agriculture markets named Bio-Ton, one of Russia’s largest sunflower producers, as the possible buyer.

Bio-Ton could not be reached immediately for comment.

— Reporting by Olga Popova