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Boeing suspends buying titanium from Russia: WSJ
By Shubhangi Mathur - Mar 07, 2022, 09:58 PM ET
Last Updated - Feb 20, 2024, 12:59 PM EST
The U.S. planemaker had a long relationship with VSMPO-Avisma of Russia, which is its largest supplier of titanium. Though, there are no sanctions on the Russian supplier yet
• The U.S. planemaker said it has closed its engineering offices in Moscow and Kyiv
• Boeing’s largest titanium supplier from Russia, VSMPO-Avisma is not yet sanctioned, though
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Boeing Co (NYSE: BA) said on Monday it will suspend buying titanium from Russia after the country invaded Ukraine.
The U.S. planemaker had a long relationship with VSMPO-Avisma of Russia, which is its largest supplier of titanium. Though, there are no sanctions on the Russian supplier yet.
Boeing also said it has closed its engineering offices in Moscow and Kyiv.
“Our inventory and diversity of titanium sources provide sufficient supply for airplane production, and we will continue to take the right steps to ensure long-term continuity,” a Boeing spokeswoman said, reported WSJ.
Since Russia’s invasion of Ukraine, disruptions in the Russian commodity supplies are expected.
VSMPO-Avisma, led by the Russian oligarch Sergei Chemezov, is now focusing its sales policy to other markets, reported Reuters.
Chemezov was earlier sanctioned by the U.S. in 2014 after Russian invasion of Ukraine’s Crimea peninsula.
"We have been monitoring the situation in our country and worldwide, and we were prepared for this outcome."
European planemaker Airbus SE (NYSE: EADSF) said it gets titanium from Russia and other countries.
"This (sourcing) is done in accordance with all sanctions and applicable export control regulations in place," Airbus said.
(With inputs from WSJ)
Picture Credits: Reuters
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