Stock Groups

Rio Tinto to end commercial relationships with Russian businesses -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: A Rio Tinto logo was displayed on a helmet worn by a visitor to a Boron Borates mine, California. This photo was taken November 15, 2019. REUTERS/Patrick T. Fallon

(Reuters] – Rio Tinto announced Thursday that it would end all commercial relationships with Russian companies and cut all ties to Moscow.

Rio Tinto (NYSE) has been notified by a Rio spokesperson that it is closing all business relationships with Russian businesses.

Anglo-Australian company makes the announcement after top executives said that they were looking at alternative fuels for their Mongolian operations at OyuTolgoi, but didn’t believe it could stop purchasing from Russia.

Questions about Russian fuel, and products purchased through non-Russian third party suppliers were not answered by the company immediately.

Since its February 24 invasion of Ukraine, Russia was hit hard by Western sanctions. Foreign firms have also been forced to withdraw from Russia. Russia calls its actions a “special operation” that aims to disarm and expel the leaders it considers “neo Nazis”.

This week, leading U.S. corporations like McDonald’s (NYSE), PepsiCo(NASDAQ:), Coca-Cola and Starbucks (NASDAQ) stopped trading with Russia to offer a united repudiation of the war in Ukraine.

Royal Dutch Shell Plc (LON: ) had previously stopped purchasing oil from Russia. It said that it would end all ties to Russia while the United States intensified its effort to punish Moscow with bans on Russian oil imports and oil.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is an extremely risky investment. Please make sure you are fully aware of all the costs and risks involved.

[ad_2]