Ukraine crisis briefing

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

// 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.

RIO TINTO RESPONSE 

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 

POLYMETAL SALES 

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. 

KINROSS SUSPENSION 

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. 

PETROPALOVSK DEALS 

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.