Xavier Rolet, the former boss of the London Stock Exchange, is to join the board of a Russian fertiliser company, in his first appointment since his acrimonious departure from the LSE.

PhosAgro exports fertiliser from five sites in the west of Russia to 100 countries around the world, although the domestic Russian market remains its biggest. It trades in Moscow with a market capitalisation of 294bn ruble (£3.5bn) with its global depositary receipts traded in London.

With Russian-linked stocks under pressure following the announcement of fresh US sanctions and tension mounting between Vladimir Putin and the West, PhosAgro is attempting to overcome gloomy sentiment towards Russia.

Mr Rolet admitted the political backdrop is “not so supportive” but said: “Investors I speak to around world have been looking at opportunities to invest in Russia, which has a huge internal market with potential for development, particularly in the agricultural business – it is becoming one of largest producers and exporters of cereals, for example.”

The former LSE boss praised PhosAgro’s commitment to corporate governance and its focus on “greener standards for agriculture”. “It really believes in the sustainability of agriculture in the long run,” he said. “These are worthy goals.”

Andrey Guryev, PhosAgro’s chief executive, said Mr Rolet’s “invaluable capital markets experience” and his “exceptional knowledge of best practices in corporate governance” would stand the company in good stead. He will be nominated at its AGM in May.