Norilsk Cleared to Pay Debt in Foreign Currency, Potanin Says – by Irene García Pérez (Bloomberg News – March 12, 2022)

(Bloomberg) — Russia’s Ministry of Finance has cleared MMC Norilsk Nickel PJSC to pay off its foreign debts in currencies other than the ruble, said Vladimir Potanin, the company’s president and biggest shareholder.

The mining company, which dominates the palladium market, has already paid the coupon of its dollar-denominated bond that was due on March 11, Potanin said in an interview with Russian newspaper RBC that was published on Saturday.

Norilsk was due to make an interest payment of $6.4 million on a $500 million note maturing in 2025. The company had a separate $500 million note due April 8 that was repaid earlier this week, Potanin said. The bond was called on March 9, Bloomberg data shows.

“Non-payment of even a small amount leads to cross-defaults on all obligations,” said Potanin, Russia’s richest man and one of the few tycoons to escape sanctions. “And, accordingly, we, I think, do not need to face a situation where all the debts of enterprises and sovereign debt become urgent to repay. This, in my opinion, is not in our interests.”

For the rest of this article:’s%20Ministry%20of,company’s%20president%20and%20biggest%20shareholder.