Indian private steel company Tata Steel has decided to stop doing business with Russia, adding to a long list of global companies that broke off relations with Moscow after the invasion of Ukraine.
“Tata Steel does not have any operations or employees in Russia. We have made a conscious decision to stop doing business with this country. To ensure business continuity, all of our steel production in India, the UK and the Netherlands have found alternative sources of raw materials to end their dependence on Russia. news/comment-from-tata-steel-clarifying-its-business-activity-with-russia" target="_blank" rel="nofollow noopener external">comments Tata Steel Europe.
In recent years, the Tata group of companies has been buying coking coal, a key raw material for steel production, in Russia.
The Russian-Ukrainian conflict that began in late February has led the US, EU and other countries to impose tough sanctions against Moscow, including banning some Russian banks from accessing Swift, a global financial messenger provider.
Restrictions have prompted some buyers to seek alternative sources of raw material supply. This month, the EU announced that it would impose an embargo on imports of Russian coal and other solid fossil fuels from August.
India and Russia signed an initial coking coal cooperation agreement last year.
Several Indian companies have already severed business ties with Russia, including IT company Infosys. This comes amid US pressure on India, which has so far refrained from publicly denouncing Russia's actions and instead has asked to resolve issues through diplomacy.
“From the very beginning of the conflict, we have emphasized the need to follow the path of diplomacy and dialogue,” said R. Ravindra, Deputy Permanent Representative of India to the United Nations (UN).
Relations between India and Russia are currently a bone of contention in world politics.
