Ukraine’s allies have long delayed sanctions against some Russian oligarchs and their companies.
The main shareholder of Nornickel and Russian oligarch Volodymyr Potanin will soon be subject to US sanctions. Several members of the Russian government will include the billionaire’s company on the list of sanctions.
According to The Wall Street Journal, Nornickel is one of the world’s largest producers of palladium and refined nickel. The enterprise enriched Potanin and made him the second oligarch in the Russian Federation. At the same time, “Nornickel” is currently not subject to sanctions.
For a long time, Ukraine’s allies postponed sanctions against some Russian oligarchs and their companies because they were afraid of causing unwanted economic consequences.
At the beginning of the current year, the company accounted for about 5% of the world’s annual production of nickel. In addition, the Russian company produces about 40% of the world’s volume of palladium. Nornickel also supplies cobalt and copper to the market.
Sanctions against Potanin – what is known
On June 29, the British authorities announced another expansion of the list of sanctions against Russia due to the war in Ukraine. Eight companies and 12 Russians fell under the restrictions, including the second richest man in Russia, the owner of the large conglomerate Interros and the biggest beneficiary of Norilsk Nickel, Volodymyr Potanin.
On October 11, New Zealand authorities imposed sanctions on 75 Russian citizens. Potanin was on the list.
