The Weir Group, a UK-based engineering company, has fully suspended business and operations in Russia due to the country's invasion of Ukraine.

In a statement, the company said its priority is the safety of its Ukraine-based colleagues and their families, with whom it is keeping regular contact.

It said it is working to move its Ukraine-based employees to safer locations, either within Ukraine or elsewhere.

"In light of the ongoing situation, The Weir Group has now decided to fully suspend all operations at its Russian businesses and all imports to the country," the company stated.

"As we action this decision, our prime concern will remain the safety and welfare of all of our staff in the region. This position will remain under periodic review as the situation evolves."

The company's net assets in Ukraine and Russia comprise approximately 2% of its total and less than 5% of its operating profit.

The Weir Group is the latest to withdraw from Russia or Ukraine due to the war. Earlier in March, steelmaker ArcelorMittal shut its Ukraine steel plant to ensure staff safety.

Canadian gold miner Kinross suspended its Russian operations, and equipment manufacturer Metso Outotec has announced it would not deliver any equipment to Russia.