Business Maverick: US Sanctions Russia’s Richest Tycoon, Nornickel Chief Potanin

The action against Potanin on Thursday was part of a broader sanctions package the Treasury Department rolled out Thursday targeting some 40 people linked to Russia’s government. Also included was Rosbank, which Potanin acquired earlier this year, and a range of smaller entities.

“By sanctioning additional major Russian banks, we continue to deepen Russia’s isolation from global markets,” Treasury Undersecretary Brian Nelson said in a statement. “Today’s designations by the United States, together with actions taken by our international partners, will further inhibit the Putin regime’s ability to fund its horrific war against Ukraine.”

More than 40% of Potanin’s net worth — $30.4 billion according to Bloomberg Billionaires Index — comes from his stake in Nornickel, one of the world’s largest producers of nickel, palladium and copper. While the restrictions weren’t extended to Nornickel, they could prompt some buyers to shun Russian metal in a form of self-sanctioning.

The US action comes after the UK imposed sanctions on Potanin at the end of June. Before that, Potanin had largely avoided western sanctions that hit other members of the Russian elite. He has also been sanctioned by Canada and Australia.Potanin has headed Nornickel since striking a 2012 shareholder accord with United Co. Rusal International PJSC, the company’s second-largest investor. Potanin’s stake of just under 36% is held through his investment firm Interros Holding.

The London Metal Exchange last month decided against a ban on new deliveries of Russian metal, after launching a formal discussion of the matter in October. Although the US and Europe have imposed sweeping sanctions on Russia in response to the invasion of Ukraine, the metals traded on the LME have largely avoided blanket restrictions.Since Russia’s invasion of Ukraine, Potanin has bought up some of Russia’s key privately owned banks, including buying Rosbank PJSC from Societe Generale SA.

am very grateful to all you have done for me over all this while when trading with you. now I am in my own apartment thank you so much marksuster02 have gotten all I lost back.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Business Maverick: US Senate votes to ban TikTok app on government-owned phonesThe US Senate voted to ban the hugely popular TikTok video-sharing app from all government-issued phones and other devices as the Biden administration considers restrictions on the Chinese-owned platform.
La source: dailymaverick - 🏆 3. / 84 Lire la suite »

Business Maverick: US, Africa firms seal $15-billion of deals at Washington summitAmerican and African firms reached more than $15-billion in new commitments and deals at a summit hosted by President Joe Biden as the US moves to increase its commercial ties with the continent through investments rather than aid. Did US Ambassador Reuben Brigety attend or was he left off of the guest list of important people? “Lucious” Brigety is excellent at self-promotion, but his social media page and the Embassy’s page have been oddly quiet this week. Lots of numbers but no detail. Another propaganda exercise
La source: dailymaverick - 🏆 3. / 84 Lire la suite »

Business Maverick: US Stocks Rise Ahead of Fed; Short-Term Bonds Gain: Markets WrapUS stocks advanced and short-term Treasuries gained as investors debated whether inflation had eased enough to encourage the Federal Reserve to slow monetary tightening.
La source: dailymaverick - 🏆 3. / 84 Lire la suite »

Business Maverick: Canadian mining group Ivanhoe accused of ‘gaming’ DRC’s corrupt body politic — reportCanadian mining group Ivanhoe has been accused of corruptly obtaining a prized Congolese copper asset by ‘gaming’ a state that has all the hallmarks of a mafia-run casino, according to a damning report published Thursday by The Sentry, an investigative organisation focused on corruption. am very grateful to all you have done for me over all this while when trading with you. now I am in my own apartment thank you so much marksuster02 have gotten all I lost back.
La source: dailymaverick - 🏆 3. / 84 Lire la suite »

Business Maverick: ECB Hikes by Half Point as Lagarde Warns of More Such MovesThe European Central Bank increased interest rates by a half-point, with President Christine Lagarde telling investors to prepare for a long-running campaign of similar moves to quell the worst inflation in the history of the euro.
La source: dailymaverick - 🏆 3. / 84 Lire la suite »