Solvay to Suspend Operations in Russia

Source: www.gulfoilandgas.com 3/7/2022, Location: Asia

- €1M donated to aid relief efforts in Ukraine through Solvay Solidarity Fund
- Solvay pledges to match employees' private donations

Solvay is deeply concerned by the dramatic humanitarian crisis that is unfolding as a result of the hostilities in Ukraine. In light of these events, Solvay has decided to suspend its operations and new investments in Russia. Further, Solvay will suspend dividend payments from Rusvinyl, an independent 50:50 joint venture in Russia.

In addition, the Solvay Solidarity Fund has donated €1 million to the Belgian and International Red Cross in support of relief efforts for the civilians impacted in Ukraine. Funds will help provide access to clean water, medicine and medical equipment, repair vital infrastructure, and improve living conditions for families. Solvay has also committed to matching employees' private donations to help address the growing humanitarian needs.

“Solvay is deeply saddened by the loss of life and suffering in Ukraine”, said Ilham Kadri, CEO of Solvay. “Our top priority has been the safety of our colleagues in Ukraine. We are taking action to support the ongoing humanitarian efforts to ease the suffering of those impacted by this crisis.”

Dr. Ilham Kadri continued, “We stand behind all our employees, including our Ukrainian and Russian colleagues in such an unprecedented crisis, and will provide all the necessary support, including salaries and benefits. We thank them all for their continued dedication and resilience.”


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