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UK imposes sanctions on Russian Nickel King
UK imposes sanctions on Russian Nickel King

30 June 2022 – The UK has imposed sanctions on Russia’s “Nickel King.” Norilsk Nickel also soon on sanctions list? EU and UK extend Safeguard measures to certain steel products. And aluminum producers until 2023 already booked out.

UK imposes sanctions on Russian Nickel King

The UK has imposed sanctions on Russian “Nickel King” Vladimir Potanin. Russia’s second richest man holds a 36% stake in the world’s largest nickel and palladium producer Norilsk Nickel, or Nornickel. It is currently unclear whether the sanctions will be extended to Nornickel.

Nickel on an upward trend again

Shortly after it became known that JP Morgan is no longer involved in the failed Tsingshan nickel deal, nickel prices on the LME and SHFE had changed direction again. Yesterday, it went in places for the LME nickel up to 7%.

Also today, the nickel on the SHFE shows extremely positive and has partly increased in price by more than 3%. On the LME, the nickel has started positively today and had already jumped up by 1% shortly after the start of trading.

EU and UK extend Steel Safeguards

The European Union and the United Kingdom have, as expected, extended their Safeguard measures on certain steel products and/or made necessary quota adjustments.

British Safeguards in “national interest

Recently, massive legal concerns were raised about the UK Safeguard measure, but these were rejected by the British government. The UK Safeguards are in the national interest, according to Anne-Marie Trevelyan, International Trade Secretary.

The UK Safeguard measure will therefore remain in force until at least 2024.

EU Safeguard measure with revised quotas

Already at the end of May 2022, the European Commission had notified the WTO of the results of the current EU Safeguard Review. This was followed last Friday, June 24, 2022, by the official announcement of the new Safeguard quotas as of July 1, 2022.

Aluminum mills fully booked until 2023

As confirmed to us from the Middle East, many aluminum mills are already fully booked for 2022 and have no capacity left before 2023. It is now time to start planning and to look for alternatives – also for the further demand in 2022.

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