Latest update: 16 November 2022

Alongside the military strains visible on the Russian side is the prospective intensification this winter of Ukraine’s financial and energy crisis, aggravated by Russian military strikes on electricity and other civil infrastructure. However severe they may prove; such strains do not signify collapse.

Major European governments, with crucial support from the US, will use their fiscal heft to withstand the shock to the European economy from the interruption of most Russian piped gas exports and to provide the necessary unconditional support for Ukraine.

Nornickel disruption

Of the leading miners, Nornickel initially stated that operations were continuing and in May confirmed supply of palladium and nickel sales were unaffected with no change to its 2022 guidance. However, while not directly affected by sanctions, it is adjusting its supply routes.

Russian coal ban

In April 2022, the EU announced further sanctions against Russia which banned the importing of all forms of Russian coal from midnight on 10 August. This affects one-quarter of all Russian coal exports.

// Asterisk (*) denotes the company HQ is in a country imposing economic sanctions on Russia. Companies with HQ in Russia are not included in these charts.


Latest update: 16 November 2022


Linked to Australia's response to the war, Rio Tinto severed ties with Russian businesses and took sole control over Queensland Alumina, which operate an alumina refinery in Australia, in which Rio owns 80% and Rusal 20%. Rusal has since filed a lawsuit to win back access to its share 


In July 2022, it was reported that Polymetal was considering the sale of its Russian assets to avert the impact of sanctions imposed by Western nations against Russia in the wake of Moscow’s invasion of Ukraine. Having closed the transaction, Polymetal would focus primarily on its operations in Kazakhstan. 


In March 2022, Canadian miner Kinross announced that it was suspending all activities in Russia, including its Udinsk development project in Khabarovsk Krai, and operations at its Kupol gold mine. Further to that, in June 2022 it sold its operations to Highland Gold Mining for $340m. 


In August, Petropavlovsk announced it was selling its Russian assets to the Ural Mining Metallurgical Company For $600m. The company went into receivership in July after sanctions on its sole customer, Gazprombank, which is also its main lender, left it unable to repay loans. 

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