HomeJobsItalian cement maker Buzzi denies sponsoring Russia's war on Ukraine

Italian cement maker Buzzi denies sponsoring Russia’s war on Ukraine


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ROME, March 10 (Reuters) – Italian cement maker Buzzi Unicem (BZU.MI) on Friday rejected what it described as “defamatory” accusations that it sponsors Russia’s war against Ukraine via a Russian subsidiary, saying it had cut ties with it.

The company made the comments in a statement two days after Ukraine’s National Agency for the Prevention of Corruption (NACP) blacklisted it for doing business in Russia.

In the wake of that announcement, Buzzi’s shares tumbled as much as 7% on the Milan Stock Exchange on Thursday, before closing down more than 4.5%. They were up 1.5% by 1100 GMT on Friday.

“We are aware of a defamatory campaign against Buzzi Unicem which has been launched since the beginning of February, aiming to undermine the company’s reputation,” the Italian group said in a statement.

Ukrainian authorities and NACP officials were not immediately available for comment.

Buzzi said it had cut all “operational involvement in the activities carried out by the subsidiary SLK Cement in Russia”, as it announced last year.

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At the time, it said it also suspended “all strategic initiatives and investments” in Russia.

As for SLK Cement, it is a “Russian domiciled entity operating exclusively in that country and therefore

subject to domestic legislation,” Buzzi said.

“Payment of taxes and having employees being mobilised to the army are not discretionary decisions, rather legal obligations within the Russian jurisdiction,” it added.

Buzzi said it remains present in Ukraine “despite significant financial losses” due to Russia’s invasion, providing work and humanitarian aid to its local workforce.

In a series of tweets, Ukraine’s NACP said it had added Buzzi Unicem to its list of “international sponsors of the war” due to the activities of what it called “Buzzi Russia”.

“Buzzi Russia cooperates with the Ministry of Defence of Russia and supplies its products to the largest state-controlled enterprises, such as “Rosneft”, whose management is under sanctions and “Rosatom”, which has been involved in nuclear threats at the Zaporizhzhia NPP,” the Ukrainian agency said.

Reporting by Alvise Armellini, editing by Emelia Sithole-Matarise

Our Standards: The Thomson Reuters Trust Principles.

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