LyondellBasell Industries will turn down new business opportunities with Russian state-owned entities, and plans to discontinue existing business with those entities as well.
Houston-based LyondellBasell also is donating 200,000 euros ($220,000) to relief efforts in Ukraine.
"We are closely monitoring the Russia-Ukraine situation as it continues to evolve," officials said in a statement sent to Plastics News. "LyondellBasell condemns the unprovoked attacks on Ukraine, and we are taking action to support the humanitarian efforts as a result of this conflict.
"In addition to abiding by all sanctions, effective immediately, LyondellBasell will not enter into any new business transactions or relationships, and to the extent legally possible, intends to discontinue business relationships with Russian state-owned entities. We are in the process of assessing how this will impact our operations, including feedstocks, utilities, supply chain providers, and customers."
Officials added that although LyondellBasell doesn't have operations in Ukraine, the firm has seen the rising number of refugees and dislocated families and is supporting the humanitarian crisis through its global corporate citizenship program, Advancing Good.
Half of LyondellBasell's donation will go to the United Nations High Commissioner for Refugees to provide shelter, emergency relief items, cash assistance and mental health support. The other half will go to the International Medical Corps to support their mobile medical units programs.
LyondellBasell ranks as a global leader in production of polyethylene and polypropylene resins and as North America's largest plastics compounder. The firm has operations in more than 100 countries — including Russian offices in Moscow and Togliatti — and posted sales of $27.7 billion in 2020.