Russian Nickel Giant Nornickel Seeks to Shift Operations to Morocco Amid Sanctions

23 January 2023 – bySylvanus@Bladi · 1 min read

Hit by the Western sanctions taken after Russia’s invasion of Ukraine, Vladimir Potanin, a powerful businessman, a recognized politician and close to President Putin, who is also the owner of Nornickel, the world’s largest producer of nickel and palladium, is forced to relocate part of his activities to several countries including Morocco.

Another Russian company is relocating its activities to Morocco. In a statement to Russian television RBC, Vladimir Potanin explained to Reuters that the impact of the Western sanctions against Russia "does not directly affect the life of the company, its survival, but it limits its capabilities, including financial, and the development of the markets on which it is traditionally present." He will specify that these sanctions have an impact on logistics chains, payment systems and the ability to purchase new equipment. Nornickel’s expansion projects in other markets have been disrupted, the Russian businessman added.

Faced with these difficulties, Nornickel is forced to focus its investment policy on Russia and friendly countries. "Naturally, we are finding ways to get out of this situation. We are restructuring logistics chains towards more friendly countries. First of all, towards China, Turkey, Morocco and other Arab countries," Potanin said.

Category: Economy

Keywords:

Russia Ukraine