Nornickel plans to move some trading to Dubai
MMC Norilsk Nickel PJSC has established an office in Dubai, becoming the largest Russian metals and mining firm to set up in the United Arab Emirates following the Kremlin’s war in Ukraine.
The new holding, which so far has a small team and a lawyer as a director, may eventually expand as Norilsk Nickel — also known as Nornickel — eyes handling some trading and administrative functions from Dubai, people familiar with the matter said.
Norilsk Nickel’s press service declined to comment.
The UAE has seen an influx of Russian businesses, commodity traders and expats seeking a haven from sanctions over Moscow’s invasion of Ukraine in February 2022. Other Russian commodities firms have also established a presence in the UAE as they seek to smooth their overseas operations. Some European and American banks and clients have shunned Russian entities, even if the companies themselves aren’t subject to sanctions.
In July, Norilsk Nickel sold its American distributor to a firm in California.
The company, which also has a major trading unit in Zug, Switzerland, was forced to cut its sales in Europe, once its biggest market, as war-related sanctions discouraged some clients. Norilsk Nickel redirected sales to Asia, which doubled in the first half to about 50% of the total, the miner said on Aug. 2.
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