Amidst the ongoing conflict between Russia and Ukraine in Eastern Europe, key industry players are releasing announcements regarding their stand on this topic. From taking firm actions such as retracting services to provide humanitarian resources, there is a lot happening around the globe.
In this curated piece, get a clear understanding on plastic additives industry’s take and the measures they are adopting that will alter the market trends and developments moving forward.
Business Suspension Across Russia
Clariant announced that it will suspend business with Russia in response to the Russian state’s intolerable acts of violence in Ukraine with immediate effect. Clariant’s operations in Russia include a sales office and a laboratory in Moscow and contribute approximately 2% to the company’s annual sales.
Honeywell has substantially suspended sales, distribution and service activities in Russia and Belarus. The company prioritizes the safety and security of the employees and partners in the region and responding to their immediate needs.
Solvay has decided to suspend its operations and new investments in Russia. Further, Solvay will suspend dividend payments from Rusvinyl, an independent 50:50 joint venture in Russia.
Effective immediately,
LyondellBasell will not enter into any new business transactions or relationships with Russian state-owned entities. LyondellBasell also intend to discontinue business relationships with Russian state-owned entities to the extent legally possible. The company is in the process of assessing how this will affect the operations, including feedstocks, utilities, supply chain providers, and customers. Additionally, they are complying with all U.S. and international sanctions which have been put into place because of this crisis.
ExxonMobil discontinues operations and developing steps to exit the Sakhalin-1 venture. The company’s operations in Sakhalin-1 project was on behalf of an international consortium of Japanese, Indian and Russian companies. The process to discontinue operations will be carefully managed and closely coordinated with the co-venturers to ensure it is executed safely.
Aid Offered by Companies
-
BASF has provided €1 million in emergency aid. The amount will go immediately to the German Red Cross (GRC)
-
Covestro donates EUR 250,000 to the UN refugee aid (UNO Flüchtlingshilfe), the German partner organization of the UN refugee agency (UNHCR). Covestro is also providing its companies in Slovakia and Poland, where many Ukrainian refugees are currently arriving, with further EUR 40,000
-
Clariant has taken personal initiative to help its colleagues in Ukraine or to support aid organizations on the ground
-
The Solvay Solidarity Fund has donated €1 million to the Belgian and International Red Cross in support of relief efforts for the civilians impacted in Ukraine
- Kraton is providing humanitarian assistance to the Dutch Red Cross network to aid those impacted by the conflict, committing more than USD 100,000 in aid
-
LyondellBasell is donating a total of €200,000, with €100,000 going to the United Nations High Commissioner for Refugees to provide shelter, emergency relief items, cash assistance and mental support. The other €100,000 is going to the International Medical Corps to support their mobile medical units programs
Source: Curated by SpecialChem