EuroChem Shelves $1.5 Billion U.S. Plant as Sanctions Bite

EuroChem Group AG shelved a decision to build a $1.5 billion ammonium plant in the U.S as sanctions limit access to funds and the Russian ruble’s drop makes projects in the fertilizer producer’s home market attractive.

“The decision on the project is delayed due to changes on the financial markets, namely affected access to credit resources,” Chief Financial Officer Andrey Ilyin said in an interview in Moscow on March 18. “The ruble’s devaluation also made development of such projects more attractive in Russia.”