Potanin spoke about the impact of personal sanctions on Norilsk Nickel

introduced against the largest co-owner of Norilsk Nickel, Vladimir Potanin, do not affect the company itself, he told RBC. But they can lead to

The sanctions that the UK authorities imposed on June 29 against the largest co-owner (owns almost 36%) and the president of Norilsk Nickel, Vladimir Potanin, do not affect the company itself. Potanin stated this in an interview with RBC.

“The sanctions that have been introduced concern me personally and, according to the analysis that we have today at Norilsk Nickel, do not affect the company. And, accordingly, our partners, contractors, they know it,” the businessman said.

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He acknowledged that Norilsk Nickel's partners are under pressure from the "sanctions hype", but that they are mostly "solid companies" with decent people who strive to maintain their business reputation. “Therefore, they fulfill all obligations in relation to Norilsk Nickel. And so the company operates under pressure, but in a controlled mode,” Potanin concluded.

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At the same time, he acknowledged that Norilsk Nickel has a fairly large amount of relationships with British banks and British structures that arranged loans for him. “We are now analyzing how this will affect the company. We understand for sure that this will not negatively affect its stability, but it will lead to the fact that some loans may have to be repaid ahead of schedule, ”Potanin suggested.

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The total debt of Norilsk Nickel at the end of 2021 was $10.5 billion, of which the company had to repay $1.7 billion in 2022, according to its materials. “By the end of this year, Norilsk Nickel will have to repay its debt to creditors and holders of Eurobonds in the amount of $1.1 billion (excluding accrued interest),” the company’s press service specified. At the end of last year, Norilsk Nickel had $5.5 billion in its accounts. But the company does not disclose how much of the debt falls on British banks. Its annual report only stated that the share of non-ruble debt increased from 97% to 99% last year.

In March, Potanin told RBC that Norilsk Nickel was one of the first to receive permission from a special commission under the Ministry of Finance to redeem a coupon on Eurobonds, otherwise it would face a cross-default on other obligations.

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