Boeing’s Big Bet on Russian Titanium Includes Ties to Sanctioned Oligarch
Plane maker has suspended buying the metal from Russia but must still deal with ties with company linked to sanctioned oligarch and Putin ally
Boeing Co has suspended parts of its business in Russia, but it still has to deal with its relationship to a key titanium supplier led by a sanctioned oligarch who once worked in the KGB with President Vladimir Putin.
The plane maker years ago made a big bet on the country’s titanium, crucial for manufacturing its commercial jets and military aircraft, and Boeing has warned that geopolitical changes could create supply problems in the future.
Boeing said it has halted purchasing Russian titanium since the country’s invasion of Ukraine. It also has closed its engineering offices in Moscow and Kyiv and stopped sending spare plane parts to Russian airlines. But as other Western companies retreat from Russia, Boeing declined to say what it will do about its joint venture with the titanium supplier led by Mr. Putin’s former intelligence colleague, Sergey Chemezov.
Excerpt from WSJ
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