Rio Tinto breaks ties with Russian companies in the Ukrainian war

Rio Tinto became the first major mining company to announce that it had cut off all ties with Russian companies and joined many major western companies in Moscow’s withdrawal after the invasion of Ukraine on Thursday.

Global miners have previously stated that they have no assets or employees to withdraw from Russia or Ukraine, but since the invasion began on February 24, Western companies have pressured to withdraw from Russia. This is happening because of the rise in.

Major US companies such as McDonald’s, PepsiCo, Coca-Cola and Starbucks have stopped trading with Russia this week. Moscow describes its actions as “special operations.”

“Rio Tinto is in the process of terminating all commercial relationships with Russian businesses,” a Rio spokesman said in a message sent to Reuters. It was not immediately clear which company Rio was dealing with in Russia.

A statement from a British-Australian company believes it could stop buying from Russia altogether after CEO said on Wednesday that he was looking for an alternative fuel source for the Mongolian copper business in Oyu Tolgoi. I wasn’t.

The company did not immediately answer the question of whether to continue to purchase Russian fuel and other products through third parties other than Russia.

Miners own an 80% stake in Queensland Aluminum Ltd. in a joint venture with Rusal International PJSC in Russia, the world’s second largest producer of aluminum. The company did not comment on how the decision to break ties with Russian companies would affect Queensland Alumina’s deal with Rusal.

Rusal purchased a 20% stake in Australia’s second largest refinery-treated alumina (a compound containing aluminum) from Kaiser Aluminum in 2005.

In 2018, Rusal was subject to US sanctions against Russian businessmen and businesses. Queensland Alumina is not affected by these sanctions and the curbs that have been installed since the invasion of Ukraine began.

Rio previously said that the entire global business is actively reviewing its existing commercial relationship with Russia.

Rio’s rival BHP Group will not immediately comment on whether it has a business relationship with a Russian company and will consider terminating them.