Latest news with #NorilskNickel
Canada Standard
a day ago
- Business
- Canada Standard
China boosting purchases of Russian metals Bloomberg
Aluminum, copper and nickel shipments have surged this year, according to trade data Beijing has increased purchases of Russian metals as Moscow pivots toward Asia amid Western sanctions, Bloomberg has reported, citing customs data. The US and its allies have been targeting Russian base metals in an effort to cut the country's revenues amid the Ukraine conflict. China has become a key buyer of Russian commodities, with overalltradebetween the two countries hitting historic highs last year, exceeding $240 billion. Imports of Russian aluminum jumped nearly 56% year-on-year to almost one million tons between January and May, while copper purchases surged 66% and nickel imports more than doubled, according to Trade Data Monitor, cited by the outlet on Monday. The report noted that while Russian producers Rusal and Norilsk Nickel are not under Western sanctions, their access to global trading platforms has been restricted. In April 2024, the US and UK barred the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) from accepting new Russian-origin aluminum, copper, and nickel and barred imports of the metals. Washington had earlier imposed 200% duties on Russian-made aluminum products, while Canada enacted a full ban on imports of Russian aluminum and steel. Earlier this year, the EU introduced a phased ban on Russian aluminum, setting a 275,000-ton quota that runs through February 2026. The Kremlin has condemned the sanctions as "illegal," warning they will backfire on those imposing them. The measures triggered spikes in global metal prices, with aluminum seeing its biggest surge on the LME in decades. Moscow has redirected exports to Asia and the Middle East amid the shift away from Western markets. People familiar with the matter told Bloomberg that Norilsk Nickel began boosting sales to China in the second half of 2024. The company is also reportedly working with a unit of Chinese gold giant Shandong Gold to expand copper cathode shipments to the country. Sanctioned producers such as Russian Copper and UMCC may also be shipping metal to China, the sources said. Norilsk Nickel's chief executive, Vladimir Potanin, has said the company plans to relocate some copper smelting operations to China to safeguard exports from sanctions pressure on financial transactions. (
Canada News.Net
a day ago
- Business
- Canada News.Net
China boosting purchases of Russian metals Bloomberg
Aluminum, copper and nickel shipments have surged this year, according to trade data Beijing has increased purchases of Russian metals as Moscow pivots toward Asia amid Western sanctions, Bloomberg has reported, citing customs data. The US and its allies have been targeting Russian base metals in an effort to cut the country's revenues amid the Ukraine conflict. China has become a key buyer of Russian commodities, with overalltradebetween the two countries hitting historic highs last year, exceeding $240 billion. Imports of Russian aluminum jumped nearly 56% year-on-year to almost one million tons between January and May, while copper purchases surged 66% and nickel imports more than doubled, according to Trade Data Monitor, cited by the outlet on Monday. The report noted that while Russian producers Rusal and Norilsk Nickel are not under Western sanctions, their access to global trading platforms has been restricted. In April 2024, the US and UK barred the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) from accepting new Russian-origin aluminum, copper, and nickel and barred imports of the metals. Washington had earlier imposed 200% duties on Russian-made aluminum products, while Canada enacted a full ban on imports of Russian aluminum and steel. Earlier this year, the EU introduced a phased ban on Russian aluminum, setting a 275,000-ton quota that runs through February 2026. The Kremlin has condemned the sanctions as "illegal," warning they will backfire on those imposing them. The measures triggered spikes in global metal prices, with aluminum seeing its biggest surge on the LME in decades. Moscow has redirected exports to Asia and the Middle East amid the shift away from Western markets. People familiar with the matter told Bloomberg that Norilsk Nickel began boosting sales to China in the second half of 2024. The company is also reportedly working with a unit of Chinese gold giant Shandong Gold to expand copper cathode shipments to the country. Sanctioned producers such as Russian Copper and UMCC may also be shipping metal to China, the sources said. Norilsk Nickel's chief executive, Vladimir Potanin, has said the company plans to relocate some copper smelting operations to China to safeguard exports from sanctions pressure on financial transactions.
Russia Today
a day ago
- Business
- Russia Today
China boosting purchases of Russian metals
Beijing has increased purchases of Russian metals as Moscow pivots toward Asia amid Western sanctions, Bloomberg has reported, citing customs data. The US and its allies have been targeting Russian base metals in an effort to cut the country's revenues amid the Ukraine conflict. China has become a key buyer of Russian commodities, with overall trade between the two countries hitting historic highs last year, exceeding $240 billion. Imports of Russian aluminum jumped nearly 56% year-on-year to almost one million tons between January and May, while copper purchases surged 66% and nickel imports more than doubled, according to Trade Data Monitor, cited by the outlet on Monday. The report noted that while Russian producers Rusal and Norilsk Nickel are not under Western sanctions, their access to global trading platforms has been restricted. In April 2024, the US and UK barred the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) from accepting new Russian-origin aluminum, copper, and nickel and barred imports of the metals. Washington had earlier imposed 200% duties on Russian-made aluminum products, while Canada enacted a full ban on imports of Russian aluminum and steel. Earlier this year, the EU introduced a phased ban on Russian aluminum, setting a 275,000-ton quota that runs through February 2026. The Kremlin has condemned the sanctions as 'illegal,' warning they will backfire on those imposing them. The measures triggered spikes in global metal prices, with aluminum seeing its biggest surge on the LME in decades. Moscow has redirected exports to Asia and the Middle East amid the shift away from Western markets. People familiar with the matter told Bloomberg that Norilsk Nickel began boosting sales to China in the second half of 2024. The company is also reportedly working with a unit of Chinese gold giant Shandong Gold to expand copper cathode shipments to the country. Sanctioned producers such as Russian Copper and UMCC may also be shipping metal to China, the sources said. Norilsk Nickel's chief executive, Vladimir Potanin, has said the company plans to relocate some copper smelting operations to China to safeguard exports from sanctions pressure on financial transactions.
Mint
3 days ago
- Business
- Mint
Russia Base Metals Sales to China Surge, Signaling Deep Reliance
Russian base metals sales to China surged in the first five months of 2025, underscoring its economic dependence on its Asian neighbor even as the country seeks to diversify trade. Russian aluminum sales to China through May jumped by almost 56% year-on-year to nearly 1 million tons, copper sales advanced 66%, while nickel imports more than doubled, according to Trade Data Monitor, which sources information from China's customs office. China has emerged as a key partner for Moscow, with over $240 billion worth of trade last year, replacing Europe, after the Kremlin sent troops into Ukraine in 2022, resulting in international sanctions and trade restrictions. Russia is a major producer of aluminum, copper, and nickel. Although its two top producers — MMC Norilsk Nickel PJSC and United Co. Rusal International PJSC — are not sanctioned by the US and its allies, new Russian metal supplies can no longer be delivered to the London Metal Exchange and the Chicago Mercantile Exchange and are subject to some trade restrictions. Earlier this year, the European Union approved a gradual ban on aluminum imports. The bloc has set a 275,000-ton import quota, that will run through Feb. 2026. For Rusal, the surge in sales to China this year reflects the clearance of stockpiles built up due to rail bottlenecks on the Russian side, according to a person familiar with the matter. Full-year shipments are still expected to total about 1.5 million tons, the person said. Read: Russia's Wartime Economic Woes Slow Railway Trade With China Norilsk Nickel began ramping up sales to China in the second half of 2024, according to people familiar with the matter. The Russian miner is working with a unit of Shandong Gold to boost copper cathode shipments to the country, they said. Aside from Norilsk Nickel, Russian Copper Co. and UMCC, both sanctioned, may also still ship to China. Not all the volumes reflected in the customs data represent direct sales by Russian copper and nickel producers, as some appear to be trader-led transactions involving previously produced metal, one of the people said. Glencore Plc has been buying Russian copper on the LME with the aim of delivering it into China as a response to supply squeeze in the world's largest copper consumer, Bloomberg reported earlier. The press services of Norilsk Nickel and Rusal didn't comment and a request for comment to Shandong Gold wasn't immediately answered outside of normal working hours. This article was generated from an automated news agency feed without modifications to text.
Russia Today
02-06-2025
- Business
- Russia Today
Fortunes of Russia's richest grow
The combined net worth of Russia's wealthiest individuals has surged by $28 billion over the past 12 months, according to the updated Bloomberg Billionaires Index. A total of 22 Russian billionaires, collectively worth $317.7 billion, were listed among the world's richest people as of June 2. The Bloomberg Billionaires Index, which ranks the world's 500 richest individuals, is calculated based on the share prices of the companies in which those listed hold equity. The largest jump in wealth was posted by Vladimir Potanin, the owner of mining giant Norilsk Nickel, who remained Russia's richest person on the list, occupying 58th spot globally. The nickel magnate is estimated to have increased his wealth by $3.82 billion in the first five months of the year, to $31.7 billion. Second place is held by Vagit Alekperov, the former boss of Russian energy giant Lukoil, in which he still owns a large chunk of shares. The businessman added $561 million to his wealth this year and is worth an estimated $25.9 billion. Vladimir Lisin, the chairman of NLMK, Russia's largest steelmaker, is ranked third. His net worth declined by $1.62 to $24.2 billion, which saw him slip down one place from Bloomberg's October 2024 listing. The biggest decline in wealth among the richest Russians was registered by the former chairman of fertilizer giant Uralkali, Dmitry Rybolovlev. The net worth of the majority owner and president of Monaco football club declined by $1.77 billion to $9.21 billion. Last year, Rybolovlev, who reportedly has a $2 billion art collection, failed in his attempt to sue top auction house Sotheby's for fraud allegations. Bloomberg's list also included Telegram founder and owner Pavel Durov, as well as Russia's richest woman, Tatyana Kim, the founder and chief executive of the country's largest e-commerce platform, Wildberries. Also listed in the Billionaire Index were the co-owner of gas producer Novatek, Leonid Mikhelson, the chairman of steel giant Severstal, Aleksey Mordashov, and the founder of Eurochem and SUEK, Andrey Melnichenko.
