Rio Tinto Says It Will Sever Commercial Ties With Russian Businesses

Rio Tinto PLC, the world's second-largest miner by market value, said it will cut commercial ties with Russia, joining a growing list of Western businesses that are pulling away from the country following its invasion of Ukraine.

“Rio Tinto is in the process of terminating all commercial relationships it has with any Russian business," the company said Thursday.

Rio Tinto buys fuel and other products from Russia for operations including its Oyu Tolgoi copper mine in Mongolia.

It also controls a large alumina refinery in Australia's Queensland state in which Russia's United Co. Rusal owns a 20% stake. The company is reviewing options for that partnership, a person familiar with the matter said.

Other resources companies, including rival Glencore PLC, have been reevaluating their exposure to Russian investments, suppliers and customers.

Earlier Thursday, Australia-listed Worley Ltd., a global engineering contractor, said it had begun to withdraw its services in Russia and wouldn't enter any new contracts.

Worley Chief Executive Chris Ashton last month told The Wall Street Journal that while the company has historically worked on liquified natural gas projects in Russia, contracts there didn't account for a material part of Worley's revenue.