Danish feed group BioMar on Saturday said it is shutting down all trade activities with Russia until further notice in response to Russia's invasion of Ukraine.
The move includes sales of finished products, as well as the sourcing of raw materials.
The decision applies to all BioMar units around the globe.
BioMar concedes the ban is a major step for the company, as substituting raw materials and lost sales volumes will have a significant impact.
“This has not been an easy decision, but as a company driven by our purpose and values we must take a stand," BioMar CEO Carlos Diaz said.
"We will not collaborate with Russia while they are violating the sovereignty of Ukraine and causing a humanitarian crisis.”
After being approved at board level, the company will begin closing all activities immediately, evaluating commitments and goods in transit in the supply chain case-by-case.
“Unfortunately, our decision will have a significant impact on our customers in Russia, and it might impact our formulation costs going forward, but we needed to draw a line in the sand," Diaz.
He added that the company does not hold the Russian people responsible and will do what it can to find solutions for customers and employees.
All BioMar employees in Russia and Ukraine are being kept in employment and supported by the firm, despite the disruption to the business.
BioMar operates 17 feed factories across the world in Norway, Chile, Denmark, Scotland, Spain, France, Greece, Turkey, China, Vietnam, Costa Rica, Ecuador, and Australia.
Worldwide, the group supplies feed to around 90 countries and for more than 45 different species.
BioMar is wholly owned by the Danish industrial group Schouw & Co, which is listed on the NASDAQ, Copenhagen.
A growing number of seafood companies around the world have committed to stop selling seafood to and sourcing seafood from Russia, including salmon giant Bakkafrost, Royal Greenland, Ecuadorian shrimp producers Songa and Santa Priscila and Icewater Seafoods.
Young's Seafood, the United Kingdom's largest seafood supplier and a major purchaser of Russian fish, told IntraFish Tuesday it was "reviewing" its supply chain, but did not say whether or not it would cease purchasing Russian product.
On Friday, Dutch company Nutreco and its subsidiary Skretting, the world's largest aquaculture feed supplier, will not be included in its parent company's commitment to discontinue exporting products to Russia.
SHV, the Dutch conglomerate that owns Nutreco and Skretting, said Thursday that it would not conduct any new business with Russia, including exports.
"For now, no new investments, no new projects and no new exports to Russia will be undertaken," the company said.
However, a spokesperson for Skretting said the commitment does not extend to its exports to Russia or those of parent company Nutreco.
"At this moment, we are continuing to work with our suppliers and customers in Russia and the Ukraine as we believe that, as a company that operates in the feed and food industry, it’s our social responsibility to support society with a continued supply of food," Skretting Sustainability and Public Relations Manager Leif Kjetil Skjaeveland told IntraFish.
