EuroChem Mineral and Chemical Company, a major Russian fertilizer producer, has exited the Ukrainian market with the divestment of its 100% stake in Ukrainian distribution subsidiary, Agrocentre EuroChem-Ukraine, the company said in a press release.

"Recent actions in Ukraine to restrict foreign suppliers of fertilizers, and expectations of a further deterioration of the business climate, prompted the Group's decision," EuroChem said.

EuroChem had disclosed its sale of the subsidiary earlier on Wednesday, but company officials were not immediately available for comment.

"EuroChem intends to continue consultations with the Ukrainian authorities on future opportunities through its European operations, while focusing on other growth markets for the Group," it said.