The Chemours Company has suspended business with Russian entities in response to the “ongoing military conflict” and humanitarian crisis in Ukraine.
Wilmington-based Chemours was the first DuPont spin-off to announce a business suspension in Russia since their invasion of Ukraine. Chemours is a producer and developer of titanium products, specialty chemicals and refrigerants.
Corteva, the combination of agricultural businesses of DuPont and Dow, previously announced that it was monitoring developments. Corteva recently moved its headquarters from Delaware to Indianapolis after hiring a new CEO. However, the company stated it would keep executives and a corporate presence near Wilmington’s former headquarters.
Corteva has a presence in Russia and Ukraine and has a Russian-language website for its operations.
Corteva will be impacted by the Russian invasion of Ukraine, a longtime exporter of wheat that is known as Europe’s breadbasket. Farm commodity prices have been rising in response to the invasion.
DuPont was sent a message regarding its operations in Russia and Ukraine. DuPont has offices in both nations and an innovation center in Moscow that focuses on markets such as oil, the source of much of Russia’s wealth.
“Chemours condemns the senseless violence taking place and views continuing business as inconsistent with our company values. As always, we will work to meet the needs of our global customers throughout this process. However, we believe suspending business with Russian entities is the right thing to do,” said Mark Newman, CEO for Chemours. “We will continue to monitor the situation closely and reassess in the future.”
Chemours also announced a $100,000 donation to the International Committee of the Red Cross to support humanitarian efforts in the region.
“Every day, we encourage our people to operate with the courage to make a difference. Over the past two weeks, the people of the Ukraine have embodied such courage and perseverance. Now, we want to do our part and help make a difference by supporting those in need,” said Newman.
Chemours has a small office in Moscow and is working closely with employees to ensure their safety, a release stated.
A growing number of U.S.-based businesses have suspended or ceased activities in Russia. Companies are also walking a tightrope in fearing retaliation by Russia on their employees and the impact of layoffs on a collapsing Russian economy.
(A previous headline incorrectly identified the company as Corteva, which has not ended operations in Russia)
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