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OSLO, Jan 10 (Reuters) – Norwegian fertiliser maker Yara YAR.OL said on Monday it will wind down its purchase of potash from Belarus by April 1 as international sanctions made it impossible to continue the trade.
Yara is a key customer of state-owned Belaruskali, one of the world’s largest producers of potassium salt, or potash, the crop nutrient that is a major foreign currency earner for Belarus.
The company said its purchase of potash from Belarus had been in full compliance with the sanctions but would still have to come to a halt.
“Other parts of the supply chain are withdrawing essential services required to enable potash exports from Belarus, as a result of which Yara has initiated a wind-down in sourcing activities,” the company said in a statement.
Western powers accuse Belarus’ President Alexander Lukashenko of rigging a 2020 presidential election and have piled sanctions on his regime, including restrictions on some potash exports.
Yara sources potash from nine suppliers globally, according to a company sustainability report filed last year.
(Reporting by Terje Solsvik; editing by Jason Neely, Robert Birsel)
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