Cargill has announced its decision to sell its 25% stake in the KSK grain terminal in Novorossiysk to Russia’s Delo Group. This move follows many Western companies’ withdrawals from Russia since its 2022 invasion of Ukraine.

Cargill, the U.S.-based commodities giant, announced on Thursday its decision to sell its ownership in a Russian grain terminal to Russia’s Delo Group.

The company’s statement read, “In line with Cargill’s earlier announcement to stop the export of Russian grain in July 2023, we can confirm we have reached an agreement with Delo to sell our 25% stake in our KSK grain terminal in Novorossiysk.”

The completion of this sale is pending approval from the Russian government. While the financial specifics of the transaction remain undisclosed by the company spokesperson, a representative from the transport and logistics group, Delo, mentioned that the Russian government’s foreign investment commission is currently assessing the deal. This evaluation process is anticipated to conclude within a month.

This move comes in the wake of several Western corporations withdrawing from Russia, following its invasion of Ukraine in February 2022, with many facing substantial financial losses on their local business divestitures.