UNRIF - Rio Tinto to cut commercial ties with Russian businesses

Rio TInto (NYSE:RIO) -5.9% pre-market after saying it is terminating all commercial relationships it has with any Russian business, the latest in a wave of major natural resource companies to cut ties with the country. Rio has no operational assets or employees located in Russia or Ukraine, but it holds an 80% stake in and operates the Queensland Alumina joint venture with United Rusal International (OTC:UNRIF), Russia's biggest aluminum producer, which owns 20%. Global mining rival BHP has not said if it has any business links with Russian firms and would consider ending them. A Rio executive said Wednesday that the company was looking for alternative fuel sources for its Oyu Tolgoi copper operations in Mongolia but did not believe it could stop buying from Russia.

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Rio Tinto to cut commercial ties with Russian businesses