Official government announcements or credible international news sources reporting on sanctions status.

Norilsk Nickel Moves Copper Smelter to China Amid Sanctions

Apr 22, 2024, 07:25 AM

Norilsk Nickel, one of Russia's largest mining companies, is relocating its copper smelter from Russia to China. This move comes as a response to the financial and operational challenges posed by international sanctions, which have reportedly impacted 15-20% of the company's revenue. Vladimir Potanin, CEO of Norilsk Nickel, highlighted the significant effect of these sanctions on the company's ability to import necessary equipment into Russia. The relocation aims to position the smelter closer to its largest market, China, which has become a major destination for Russian commodities amid the sanctions.