Nornickel studying impact of UK sanctions against Potanin on business

MOSCOW. June 30 (Interfax) - Nornickel is studying the impact on business of the sanctions that the United Kingdom has imposed on Nornickel President Vladimir Potanin, Nornickel Investor Relations and Sustainability Vice President Vladimir Zhukov said in response to questions during a presentation of Nornickel's sustainable development results in 2021.

"We as a company are not under sanctions. At the very least, officially. As concerns the impact of the personal sanctions on our president and principal shareholder, this issue is currently being studied by our lawyers," Zhukov said.

Nornickel has already been working for some time under conditions of "the so-called voluntary sanctions" that business partners, equipment suppliers, and logistics providers have introduced, he said.

The UK introduced sanctions against a group of Russian businessmen on Wednesday, including Interros owner and largest Norilsk Nickel beneficiary Potanin.

According to the updated sanctions list published by the UK government, Potanin has been added to it as the controlling owner of Rosbank , as Interros acquired the bank in April, having previously owned it, from Societe Generale when it left the Russian market. Rosbank does business in Russia's financial sector, which is of strategic importance to the Russian government, according to the sanctions list.

Potanin has headed Nornickel since the end of 2012, when the company's main shareholders concluded a ten-year agreement ending a corporate conflict between Potanin's Interros and Rusal .

Interros currently owns around 35.95% of shares in Nornickel. Rusal controls 26.25% and Crispian around 4%. Nornickel's treasury stock for stimulus programs is 0.5%. The free float is around 33%.