The owner of a company that was until recently Russia's largest grain trader has given up his foreign citizenship, a source close to his company told Reuters, in an apparent attempt to remain in control of his business.
The source said that Pyotr Khodykin, whose company controlled 14% of Russia's grain exports just a year ago, surrendered his Saint Kitts and Nevis passport and a residency permit for the United Arab Emirates ahead of hearings concerning the fate of his firm.
Last week, a Russian court ruled in favour of a lawsuit filed by the General Prosecutor's Office to transfer all assets of Rodnie Polya, once the country's leading grain trader, to the state, sources previously informed Reuters.
The hearing was held behind closed doors on Jan. 31, and the decision has not yet been published.
Many Russian businessmen have acquired foreign nationalities and managed their Russian assets through foreign-registered firms, despite repeated calls by President Vladimir Putin to stay and operate in Russia.
Such calls became hard to ignore after Russia launched what it calls "a special military operation" in Ukraine in 2022 and Western countries imposed numerous sanctions on the Russian economy and businessmen.
Rodnie Polya, formerly known as TD RIF, controls a major grain-loading terminal in the Black Sea region, classified as a strategic asset that, by law, cannot be controlled by foreigners. It also owns 17 grain-transporting vessels.
Rodnie Polya declined to comment. The decision sets an important precedent, as some assets in Russia's grain sector are still managed by foreign-registered firms.
Khodykin, originally from Russia's breadbasket Rostov region, established his company from scratch in 2010. The previously little-known regional player surprised the market by quickly gaining market share and becoming one of the top three grain traders within three years.
The company reported difficulties in obtaining phytosanitary certificates since mid-March 2024 and in May lost permission from the government to export grain.
In April 2024, it halted operations at its Azov River terminal, which connects to the Azov Sea and can handle approximately 4 million metric tons of grain annually.
The terminal was the sixth-largest in the Black Sea region by volume during the 2023/24 exporting season.
The decline of Rodnie Polya has reshaped Russia's grain trading industry, with other traders, such as Grain Gates, taking over Rodnie Polya's market share. Russia exported grain at a record pace in the second half of 2024.
