The European Union has reportedly scrapped plans to include Russia’s largest titanium company, VSMPO-AVISMA, in its 7th sanctions list.
The company is a major supplier of titanium to a number of European companies, including aircraft manufacturer Airbus.
According to EU diplomats interviewed by the Wall Street Journal, the company was taken off the sanctions list at the last moment.
In April 2022, Airbus CEO Guillaume Faury asked titanium companies not to be included on sanctions lists, but reiterated that the manufacturer was looking for alternative sources of titanium.
According to Faury, while such sanctions would not harm Russia, they would “massively damage” Europe’s aviation industry.
In March 2022, Boeing, the second largest aircraft manufacturer, announced it was stopping titanium purchases from Russia, suspending its contracts with VSMPO-AVISMA. Before the suspension, the Russian company was the largest titanium supplier to Boeing.