Apple Inc. Ends Imports of Tungsten and Gold from Russia

Apple Inc. has confirmed to MarketWatch that the company is no longer importing tungsten and gold from Russia. The tech giant uses a range of materials in its products, including gold (Au), tungsten (W) and tantalum (Ta), however, Russian companies in its supply chain have come under scrutiny.

In a recent report, the Moral Rating Agency, which was set up to review companies' commitments to exit Russia after the country's conflict with Ukraine, claimed that Apple AAPL, +1.62% had has made “no mention of ceasing Au imports” from the country.

On its website, the agency points to an Apple filing with the U.S. Securities and Exchange Commission that covers the period from Jan. 1 to Dec. 31, 2021. The filing lists a number of smelters and refineries in Russia that Apple uses to source Au, W and Ta.

"Apple Inc. does not import materials such as tungsten and gold from the country," a spokesperson told MarketWatch. It's unclear when Apple ended its imports.

Following the Russia-Ukraine conflict, Apple quickly halted all exports to Russia and announced a halt to product sales in the country and restrictions on Apple Pay and other services in the country. The iPhone maker also removed Russian news apps RT News and Sputnik News from its app store outside of the country.

Apple Inc. shares were down 1.5% in Thursday afternoon trading. They have fallen 22.8% so far this year, outpacing the Dow Jones Industrial Average's (DJIA, +1.05%) 15.2% decline over the same period.

Russia is a significant supplier of W to Europe, and restrictions on the country’s metal imports are expected to increase the continent’s dependency on Chinese imports. Russia’s tungsten production has trended down in recent years and remaining flat in 2021. The Russia-Ukraine conflict is expected to hamper Russia's ability to trade and make deliveries of tungsten to the market as it continues to face sanctions.

(Credit: James Martin/CNET )

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