Rio Tinto, the world's second-largest miner by market value, joined the list of multinational companies shunning the Russian market after the conflict between Russia and Ukraine escalated. The company said Thursday it was "terminating all commercial relationships with any Russian companies."
Rio runs the joint venture, Queensland Alumina, with Russian aluminium producer Rusal, which has a 20 per cent stake. Rio declined to comment further on the impact of the joint venture, but reiterated a statement made last week that the company had put in place "appropriate structures" to ensure Queensland Alumina's operations would not be disrupted.
It is unclear whether Rio's latest move will affect its Operations in Mongolia, where it buys fuel and other products from Russia for use in operations such as its Oyu Tolgoi copper mine.
Rio also controls a large alumina refinery in Queensland, Australia, in which Rusal owns a 20 per cent stake. The company is reviewing options for such a partnership, the Journal said, citing people familiar with the matter.
At present, more than 300 European and American multinational companies have announced varying degrees of suspension of business and investment activities in Russia, covering energy, aviation, automobile, retail, manufacturing, finance, technology and catering, music, consulting and many other aspects.
Among energy companies, Exxon Mobil, the largest publicly traded U.S. oil company, is pulling out of its Sakhalin-1LNG project and will not make new investments in Russia. BP and Shell are pulling out of joint ventures in Russia and are withdrawing staff from the country.
In response, Russia is drafting legislation to consider "nationalizing" the exited property
