RIYADH: Norwegian aluminum and renewable energy company Norsk Hydro has announced that it will not sign any new contracts with Russian entities.
In a statement, the company said the decision has been taken due to the Russian invasion of Ukraine, and sanctions imposed on Russia by the EU and the international community.
The company is apparently evaluating options for existing commitments and is considering a potential freeze of commercial relationships with Russian counterparts.
“Hydro has commercial relationships with trading companies and Russian aluminum producers, buying and selling raw material like bauxite and alumina, aluminum metal for remelting, and aluminum extrusion billets. Hydro’s counterparts are currently not subject to international sanctions,” added the statement.
