“We then suspended shipment of product to Russia while we assessed the impact of economic sanctions and discussed our long-term plans with our customers and joint venture partner.
“Following careful consideration of the impact on our people and our long-term plans for the Russian market, we will now close our office in Moscow, re-deploying staff where possible, and withdraw from our joint venture Unifood.”
Fonterra exports a small amount of product to Russia, primarily butter, totalling about 1% of our annual exports.
“Given the current strong demand for New Zealand dairy, we are confident in our ability to re-allocate this product to other markets,” says Mr Hurrell.
New Zealand has been exporting butter to Russia for more than 40 years. Fonterra entered the joint venture Unifood in December 2018.
