We have been appalled by the tragedy taking place in Ukraine following Russia’s invasion, which we condemn wholeheartedly. Our thoughts are with the Ukrainian people who are the innocent victims of unprovoked aggression.
We are a global business that serves clients in emerging markets around the world. Russia was a key supplier of grain for some of those clients, however the supply of Russian grain was a relatively small part of our overall business internationally. Gemcorp Commodities Trading, Gemcorp Group’s commodities trading business, operated a grain purchasing business in Russia in 2019 and 2020 but that business was closed in the first half of 2021, following negative market conditions. Our office in Russia was closed in mid-2021.
We do not now have any Russian investors or clients. An initial Gemcorp Capital fund investor was an entity backed by two Russian individuals who have never been subject to sanctions. This investment went through stringent KYC and enhanced compliance checks. This investment was redeemed in 2020. We have had no other Russian investors.
Gemcorp Group has a global sanctions policy which requires group wide compliance with all major sanctions laws, including EU, UK, US and UN. We have a dedicated team of compliance professionals who monitor compliance with our global policy.