MOSCOW, March 7. /TASS/. Titanium producer VSMPO-AVISMA plans to reorient its sales policy from the US market to other markets and destinations, Director General of the Corporation Dmitry Osipov told TASS.

Earlier on Monday, Boeing reported that it has stopped purchasing Russian titanium.

"We deeply regret that the contract with our long-term partner has been suspended. Observing the situation in the country and the world, we were ready for such a development of events, and the corporation has all the opportunities and resources to reduce the emerging risks. Now we are reorienting our sales policy to other markets and directions. The scope of titanium application is quite wide - from medicine to household and food industries. We are able to adapt quickly, and we are sure that our unique technological developments in the production and processing of titanium alloys will always be in demand in other markets," Osipov said.

A spokesperson with Boeing told TASS that the corporation has accumulated significant reserves of titanium. According to the newspaper, the company is taking this step, fearing the consequences for the industry if Moscow imposes retaliatory economic sanctions after restrictions from the West.

VSMPO-Avisma, which is part of Russia’s Rostec state-run corporation, is a monopolist in the domestic titanium industry. It produces one third of all global titanium for the aviation sector.

The company have been supplying titanium to Boeing for about 25 years.

Titanium components are used in the production of the Boeing 737, Boeing 767, Boeing 787, Boeing 777 and Boeing 777X civil aircraft.

Earlier it was reported that Boeing suspended the supply of spare parts to Russian airlines and their technical support. The airline also suspended the work of its office in the capital of Ukraine, as well as a training center in Moscow's Skolkovo.