Russia's Norilsk Nickel opens office in Dubai

The Russian mining and metals company Norilsk Nickel has opened an office in Dubai, becoming the most significant Russian metals and mining company to have a representative office in the UAE since Russia's invasion of Ukraine.

According to Ukrinform, this is reported in documents and corporate records reviewed by Bloomberg.

The documents show that the representative office of Norilsk Nickel was registered under the name Greenwich Holdings Limited in the financial district of Dubai in December last year.

"The new holding company, which has a small team and a lawyer as a director so far, may expand over time as Norilsk Nickel - also known as Norilsk Nickel - considers some trading and administrative functions from Dubai," informed sources said.

The press service of Norilsk Nickel declined to comment, the article says.

"Norilsk Nickel has escaped Western sanctions but has faced disruptions in logistics, insurance, banking, and shipping due to the consequences of Russia's invasion of Ukraine. The US and UK have imposed sanctions on the company's main shareholder and president, Vladimir Potanin.

In July, Norilsk Nickel sold its distributor to a company in California. This was due to the blocking of the company's accounts by two banks with which its trading division cooperated, which led to force majeure on some transactions.

The company, which also has a large trading unit in Switzerland, had cut European sales. However, the company subsequently redirected sales to Asia, where they doubled in the first half of the year to about 50% of the total, Nornickel said on August 2.

Author - Serhii Kolomiets, 24/08/2023