Turkey moves away from Russian Nornickel, who was restricted by sanctions

Vladimir Potanin, one of the richest people in Russia and owner of Nornickel, one of the world’s leading metal producers, told Russian broadcaster RBC that the sanctions “do not directly affect the health and existence of the company, but of course their capacities, including financial”. hand, and the company’s participation in it, limits the development of the markets, ”he said.

The remarks by Potanin, who is also the CEO of Nornickel, showed how the sanctions imposed by Western states on Russia, although the company was not directly subject to sanctions, affected a company of strategic importance to the country’s economy and markets. world metals.

Western states are refraining from imposing direct sanctions on Nornickel due to disruptions in aluminum markets following sanctions imposed on Potanin’s rival Oleg Deripaska and the Rusal group in 2018.

CHANGE IN INVESTMENT STRATEGIES

Potanin said the company, which is the world’s largest producer of palladium and refined nickel, is still reeling from the impact of “destructive” sanctions on its supply chain, payment systems and purchase of new equipment.

Stating that Nornickel’s plans to expand into new markets were disrupted, Potanin stated that due to this situation, they had to change their investment strategies to invest in Russia and friendly countries.

“Naturally, we found ways to get out of this situation. We restructure logistics chains and transfer them to friendly countries. First of all, China, Turkey, Morocco and other Arab countries, ”he said. (Reuters)