BASF SE says it will shut down nearly all of the company's operations in Russia and Belarus, following up on a March 3 announcement that it would put new business in the two countries on hold.
The move is in response to Russia's invasion of Ukraine and ongoing violence against civilians.
BASF board members announced the decision April 27 to wind down the company’s remaining business activities in Russia and Belarus, stating that this was a process that will have been achieved by the beginning of July 2022.
The board said that the only businesses exempt to the decision are those supporting food production, because the war risks triggering a global food crisis. This decision is driven by the recent developments of the war and in international law, including the fifth European Union sanctions package.
Currently, about 684 employees work for BASF in Russia and in Belarus. The company says it will continue to support its employees in both countries until the end of 2022. Detailed plans for an orderly cessation of BASF’s business in Russia and Belarus are currently being developed. In 2021, Russia and Belarus accounted for around 1 percent of BASF total sales.