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War sanctions bite hard on Russia’s Arctic mining and metallurgical giant producing nickel and copper on the Kola Peninsula and in Norilsk.
Vladimir Potanin, the main shareholder of mega-polluter Nornickel, admits in a remarkable statement with Kremlin’s information agency Interfax that Western sanctions reduces the company’s revenue by up to 20%.
To circumnavigate sanctions, Potanin says Nornickel plans to establish a joint venture with a Chinese company and move parts of the copper smelting to China. It was earlier in April that the United States and United Kingdom imposed sanctions on nonferrous metals from Russia.