The European market’s share of Norilsk Nickel’s revenue fell to 24%, and total revenue fell by 15%.
Foreign banks refuse to cooperate with Russian Norilsk Nickel, despite the fact that this company is not directly affected by the sanctions of Western countries. The vice-president of the largest mining and metallurgical holding in Russia, Anton Berlin, spoke about this, reports The Moscow Times.
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“We have many banks that refuse to accept and transfer money as payment for Russian products. Almost all the biggest banks refuse to transfer to Russia,” said Berlin.
He added that service providers, warehouses, ports and ship owners are also refusing to cooperate.
“We have to rebuild the whole sales system. Now we are faced with many external restrictions,” Berlin admitted.
At the end of last year, Norilsk Nickel reported a halving of net income to $2.87 billion, as well as a reduction in the production of key metals: nickel by 5%, up to 209 thousand tons, and palladium by 4%, to 2. 69 million ounces.
Norilsk Nickel metal has to be sold at a discount, though “not always,” Berlin said.
Some of our customers, mainly European, voluntarily reject Russian metals and even products obtained from Russian raw materials, for example, at our Finnish plant. Some are ready to use Russian metals, but only buy not from a company that is part of a Russian group, but from an independent person,” said the top manager.
According to reports published in early February, last year the share of the European market in the revenue of Norilsk Nickel decreased from 47% to 24%, while the share of Asia, on the contrary, increased from 31% to 54 %. Total revenue fell 15% to $14.4 billion.
It was previously reported that China and India have recently been reducing trade with Russia due to Western sanctions.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.