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Russia’s Nornickel, the world’s largest palladium producer and a major producer of high-grade nickel, said on Friday that some clients in the European Union had refused to buy products made with Russian metals.
Nornickel’s Finnish Harjavalta plant, which produces battery materials in Europe for electric vehicles, was affected, he added as an example of the rejection of products made from Russian materials. Berlin also said on Friday that many banks had refused to accept and transfer money for Russian products. Nornickel continues to face challenges in dealing with ports, ships and insurance companies.
After February 2022, Nornickel changed its sales geography, shifting its focus to Asia, whose share in the company’s revenue exceeded 50% last year for the first time in its history.This year, the company expects nickel output will drop to 184,000-194,000 tons, and palladium output is seen at 2.296-2.451 million troy ounces, lower than a year earlier, Nornickel reported in January.
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