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The War troubles Nornickel as it struggles to shift to new markets
The wealthy oligarch controlling Nornickel, Vladimir Potanin has not taken a stand against Russia’s brutal war on Ukraine. Nornickel, however, is not sanctioned by the European Union, but the company is increasingly met with a cold shoulder from buyers of metals in Europe. Total revenue amounted to $14,4 billion in 2023, down 15% year-on-year, according to the company’s financial reporting. With mining and metallurgical production on the Taymyr Peninsula in Siberia and the Kola Peninsula in Russia’s northwestern Murmansk region, Nornickel is the world’s largest producer of palladium and high-grade nickel. It ... (full story)