ROTTERDAM, NETHERLANDS — Viterra Ltd. plans to exit the origination and export market in Russia, adding to the list of global agribusinesses continuing to scale back operations in the country.

"Following continued monitoring of the situation over the past year, Viterra has concluded that its activities in Russia no longer fit the long-term direction of the company," Viterra said. "We are assessing options to transfer our business and assets in Russia to new owners, and will provide further information when and if appropriate."

Viterra’s impending move to halt grain purchases for export comes a day after Cargill confirmed it would stop elevating grain for export at the start of the 2023-24 season July 1. While maintaining essential food and feed activities, Cargill said its decision was made “as grain export-related challenges continue to mount.”

Most international grain traders have been scaling back their business activities and operations in Russia following the country’s Feb. 24, 2022, invasion of Ukraine. Russia is the world’s largest exporter of wheat, accounting for about 17% of the market.

Viterra, based in Rotterdam, The Netherlands, recently reported its most successful financial year in 2022 with a record EBITDA of $2.65 billion, noting record production in its main export regions among the reasons for its strong performance. The company operates in more than 37 countries.