Tycoon Mikhail Prokhorov agreed to buy a stake in Uralkali, the world’s largest potash miner, as Russia seeks to ease tensions over the collapse of a potash sales cartel with Belarus that drove down global prices.

The deal was blessed by President Vladimir Putin, sources familiar with the matter said, in a bid to repair ties with Belarus President Alexander Lukashenko. Russia’s ally had arrested Uralkali’s boss after the Russian firm quit the marketing pact. Prokhorov’s investment firm, Onexim, said yesterday it expected to quickly complete the purchase of Suleiman Kerimov’s 21.75 per cent stake in Uralkali.

Talks continued on the sale of stakes held by Kerimov’s partners to other buyers in side deals, which linked together would secure Prokhorov and his allies strategic control over the business. – (Reuters)