Air Liquide has said it is rigorously applying international sanctions again Russia and has halted all foreign investment and large development projects in the company.
The industrial gas giant’s move is a result of Russia’s invasion of Ukraine and follows suit of many other international firms.
Announcing its decision in a social media post, Air Liquide said, “The group’s approach in Russia integrates a safety imperative, as its activity includes supplying hospitals with medical oxygen.”
“As sanctions evolve, some clients are no longer supplied: others are undergoing a scaling-down process.”
Whilst Air Liquide is suspending investments and developments, the group is not suspending its current operations in the country, according to the Yale School of Management.
Showing further support for Ukraine, however, the group has said it will assist Ukrainian refugees.
“An immediate donation has been allocated to the Air Liquide Foundation which is working with NGOs. This measure is completed by local initiatives, notably from boarding countries,” Air Liquide said in a social media post.
Air Liquide was established in Russia in 1989. In 2005, OOO Air Liquide, the Russian subsidiary for production and sale of industrial gases was founded.
gasworld’s Business Intelligence understands that Air Liquide has €17m of investment in Russia.
On Thursday (17th March) gasworld reported that Linde has suspended all new business in Russia and is “safely winding down” affected projects in the country.