Declining business conditions in Ukraine have prompted Swiss fertilizer group EuroChem to sell its subsidiary there, after more than 15 years of operations.

EuroChem said the country’s recent actions to restrict foreign supplies of fertilizer and expectations of a further deterioration of the business climate were behind its decision. The company added that it had invested considerable resources in the country to meet growing demand from more than 1,000 customers, ranging from major agricultural wholesalers to retailers and private farms.

An undisclosed company connected to the subsidiary’s former management has bought the business. Financial terms were not revealed.

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