Page 19 - RusRPTJan23

who has so far escaped sanctions, as amongst his assets is NorNickel, one of the world’s leading producers of nickel and PGM metals that are essential for electric vehicle (EV) production. Canada, Australia and the UK imposed personal sanctions against him, but not the EU or the US.
The US Treasury has also sanctioned 18 organisations in Russia’s financial services sector, including the state-owned VTB Bank, Potanin’s Rosbank, a leading commercial bank that until recently belonged to the French bank Société Générale. These sanctions “are part of the US government's efforts to further limit [Russia's] ability to fund its unconscionable war of choice against Ukraine,” Office of Foreign Assets Control (OFAC) said.
Potanin only owns 36% of NorNickel via his Interros holding – below the 50% level that automatically triggers on the company if its owner owns more than half – but Interros has also been included in the new US list in its own right.
The West has been cautious about sanctioning metal companies after aluminium prices spiked in 2018 when comprehensive sanctions were imposed on oligarch Oleg Deripaska and his RusAl metals company. Those sanctions were eventually dropped as unworkable. Shortly after the start of the war in Ukraine, nickel rose in price by 40% on fears that Potanin and NorNickel would get caught up in the sanctions. Deripaska is also a major shareholder in NorNickel.
Norilsk Nickel produces at least 5% of the world's nickel (high-strength steels, batteries), 40% of the world's palladium (industrial and automotive catalysts), as well as a lot of "energy transition metals" such as cobalt (permanent magnets for electric motors) and copper (electric motor windings).
Also among those targeted by sanctions is Potanin’s ex-wife Ekaterina Potanina. His yacht has been sanctioned too. The updated sanctions list includes Deputy Prime Minister Andrei Belousov and Russian Railways CEO Oleg Belozyorov.
The targeted regional governors include Roman Starovoit, Alexei Teksler, Alexander Uss, Andrei Vorobyov, Alexander Bogomaz, Anton Alikhanov and some others.
The US also imposed sanctions against the son of the Krasnoyarsk Region’s Governor Alexander Uss, Artem Uss, who was previously detained in Milan and charged with sanctions evasion and money laundering.
The US Department of Commerce said earlier in the day that companies VIP Technology, Tavrida Microelectronics, Business Security Academy, Nuclin, Intercom had been added to the country’s sanctions lists.
19 RUSSIA Country Report January 2023 www.intellinews.com