Sanctions against Norislk Nickel to have a negative impact on nickel consumers in Europe and the USA

A possible embargo against Norilsk Nickel within the Western sanctions against Russia will hit consumers of nickel in Europe and the United States, not the Russian company, the head of the French mining and metallurgical group Eramet said.

"Nobody expects that the sanctions against Russia and Norilsk Nickel will affect the Norilsk Nickel’s production, as it will sell its product to China, if it can’t sell it to other markets," - the Eramet’s head, Patrick Byuffe said during the presentation of the company’s results in the first six months on Wednesday.

"Europe is unlikely to announce the embargo, because it would be shooting itself in the foot, as Norilsk Nickel will be able to ship its products to Asia, creating a shortage in Europe and oversupply in Asia. The result would be a jump of physical premiums in Europe and a discount in Asia," - he added.