Royal Greenland, the world's largest supplier of coldwater shrimp and Greenland halibut, will temporarily stop trading with Russia amid the ongoing situation in Ukraine, the company said in a statement Wednesday.

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The Greenlandic self-rule government has decided that all self-rule government-owned companies - which includes Royal Greenland - must temporarily stop trading with Russia.

Mikael Thinghuus, CEO of Royal Greenland, said the company has had a "good and nuanced dialogue" with its owner, the Greenlandic self-rule government, "in this extraordinary, tragic and by all standards outrageous situation."