Hydro is further reducing its commitments with Russian counterparts

Hydro decided on March 2 not to enter into any new contracts linked to Russian counterparts. The company has already reduced its contractual commitments and is in the process of further reducing the remaining commitments for 2022. Hydro has no employees, operations or investments in Russia.

Hydro’s ambition is to not contribute to any activities which may support the continuation of the Russian invasion of Ukraine. Hydro has mapped its total pre-existing contracts with Russian counterparts. The contracts are limited in number, scope and time. None of the contracts are with companies currently subject to international sanctions and therefore Hydro has no legal basis for terminating the contracts.

Hydro has since March 2 reduced deliveries and supplies to the contractual minimum and is suspending deliveries and supply in several contracts. Hydro continues the dialogue with its counterparts, aiming to further reduce commitments without breaching the contracts, which could result in additional transfer of funds to Russian counterparts through an obligation to pay damages for breach of contract. The company recognizes this may take longer than desired for some of the commitments, despite consistent efforts.

Hydro’s employees and the company have donated NOK 10 million to UNICEF Norway in support of families and children affected by the war in Ukraine.

Around 400 Ukrainian citizens are working in Hydro extrusion plants in Poland. These plants have supported the Ukrainian employees with transport and shelter for families arriving in Poland. The plants and employees are providing support through activities like fundraising, donations, crisis psychologists, paperwork support and offering jobs to refugees.

Hydro condemns the unprovoked invasion of Ukraine by the armed forces of the Russian Federation and supports the sanctions by the European Union and the international community. Hydro is monitoring the sanctions being implemented and commits to fully comply with all current and new sanctions.

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