Sberbank, EuroChem and SUEK announce the signing of a strategic cooperation agreement to create new business technologies and practices

7 June 2019
7 June 2019, St. Petersburg — Sberbank, EuroChem Group AG and SUEK JSC announce a strategic cooperation agreement signed at the St. Petersburg International Economic Forum.

The agreement sets out the basis for collaboration in areas of mutual interest for all parties, and likely to be relevant to determining the future of both the Russian and the global economy, in particular the development of new approaches to artificial intelligence, banking products, cybersecurity systems, and human capital development. The agreement will also look to explore opportunities in deploying the best corporate governance and risk management practices using big data. The agreement will help strengthen and advance the interests and activities of all parties to the agreement, and lead to new approaches to solving problems in areas of overlapping interest.

Herman Gref, CEO and Chairman of the Executive Board of Sberbank, commented:
“Sberbank has longstanding partnerships with EuroChem Group and SUEK. We are glad that today we can not only provide traditional banking services to them, but also work together in fields that transform the business environment and take our cooperation to an entirely new level. We focus on developing modern systems for training employees and introducing digital operational and management solutions using AI. We hope that the synergistic benefits of cooperating with great partners will extend beyond the corporate interests of the parties involved and be useful to the entire national economy.”

Petter Ostbo, CEO of EuroChem Group AG, added:
“Our team is faced with a complex task — we need to help farmers meet the growing need for food, while reducing the impact of excessive fertilizer use. The old approach of using more fertilizer to improve yields s is no longer effective. The profile of the market itself is also changing — digital channels allow companies to talk directly with consumers, and the development of AI is paving the way for total automation — self-driving vehicles, tractors and even ships are already part of our reality. In the fertilizer industry, innovation is providing answers to questions farmers pose every day – how to improve crop yields without increasing the environmental footprint. We believe that cooperation in these areas will be a useful experience for all of us.”

Vladimir Rashevsky, Chairman of the Management Board and CEO of SUEK JSC, commented:
“To strengthen our leading position and consolidate our competitive advantages, SUEK is actively deploying cutting-edge technologies and solutions based on digitalisation and big data in all areas of its activity — from coal extraction and provision of industrial safety to financial solutions and personnel development. We are delighted that our partner and ally Sberbank shares our desire for improvement and innovation and we look forward to working with them and EuroChem in what we hope will be a successful, long-lasting partnership.”

Sberbank is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorised capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 145 million customers in 22 countries. Sberbank has the largest distribution network in Russia with almost 15,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, India, China, Turkey and other countries.

The Bank holds the general banking licence No.1481 issued by the Bank of Russia. Official websites of the Bank: (Sberbank Group website),

EuroChem is a leading global producer of nitrogen, phosphate and potash fertilizers. The Group is vertically integrated with activities spanning mining to fertilizer production, logistics, and distribution. EuroChem began test production at its Usolskiy potash mine in early 2018, and continues to develop a second greenfield site at VolgaKaliy in Russia. Headquartered in Zug, Switzerland, the Group operates production facilities in Europe, Asia and the CIS, employing more than 26,000 people.

For more information, please visit

SUEK is one of the world’s leading coal producers, the largest coal producer, supplier and exporter in Russia, as well as a leading heat and electricity producer in Siberia. SUEK’s mining, processing, heat and power, transport and service facilities are located in 11 regions of Russia. The company employs over 64,000 people. The principal ultimate beneficiary of SUEK is Andrey Melnichenko.

For more information, please contact SUEK’s press service +7 (495) 787-04-89,

Sberbank, EuroChem and SUEK announce the signing of a strategic cooperation agreement to create new business technologies and practices
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