EuroChem threatens to close big phosphate fertilizer plant

EuroChem Group says it may have to mothball a large phosphate fertilizer plant in Lithuania because of sanctions imposed by the country’s government that the firm claims prevent profitable operation. EuroChem is based in Switzerland but is majority owned by Aleksandra Melnichenko, wife of the Russian billionaire Andrey Melnichenko. The European Union has imposed sanctions on the couple because of their ties to Russia’s government. EuroChem says that the plant is one of the largest of its kind in Europe and that the closure would pressure regional farmers who are already suffering from sharp increases in fertilizer prices in recent months.