Rio Tinto To Sever Ties To Russian Businesses Due To Ukraine Invasion

Rio Tinto To Sever Ties To Russian Businesses Due To Ukraine Invasion

Anglo-Australian mining giant Rio Tinto Group said this week it will sever all ties to businesses from the Russian Federation in light of that country’s invasion of Ukraine last month, joining a wide array of major firms that have announced their exodus from the country.

Rio Tinto does not currently have any operations in either Russia or Ukraine, but it has maintained ties to businesses from both of those countries up through the present.

The firm was unequivocal in a message sent to wire service Reuters this week.

“Rio Tinto is in the process of terminating all commercial relationships it has with any Russian business.”

Earlier this week a company executive said it is currently shopping for a different supplier for one of its copper operations in Mongolia, but doubted whether one outside of Russia could be found.

Currently Rio Tinto owns 80 percent of Queensland Alumina Ltd, with UC Rusal holding the balance. Rusal obtained its 1/5th share from Kaiser Aluminum over a decade ago. The alumina refinery is the second biggest such plant on the continent.

Rio Tinto’s move comes after business titans McDonald’s, Coca-Cola, Starbucks, PepsiCo, Royal Dutch Shell Plc and many others have announced the termination of their business relationships with Russia due to its invasion of Ukraine on 24 February. Many more such exits may be on the horizon due to the prospect of stronger sanctions, which the United States government is rumored to be considering at present.