MOSCOW, September 11. /TASS/. Possible restrictions on nickel exports from Russia, which provides about 20% of the world's exports of this metal, may cause a shortage and price increase on the global market, Yaroslav Kabakov, strategy director at Finam, told TASS.
At a meeting with the government on Wednesday, President Vladimir Putin invited the authorities to consider the possibility of restricting exports certain types of strategic raw materials (such as titanium, uranium or nickel) but not to Russia’s own detriment.
"On the global market, restrictions on nickel exports from Russia, which provides about 20% of the world's exports of this metal, may cause a shortage and price increase. This will hit especially hard industries using nickel to produce batteries and electric vehicles," Kabakov said.
According to the analyst, the introduction of export restrictions will have a significant impact on Norilsk Nickel and will require the company to quickly adjust to new conditions to minimize financial losses and maintain competitiveness in the global market.
"The introduction of export restrictions may lead to a decrease in Norilsk Nickel's export revenues. In 2023, about 85% of the company's revenue came from exports, so the restrictions may significantly reduce this share, which will negatively affect Norilsk Nickel's financial performance. The domestic market may not compensate for losses from reduced export sales, since domestic prices are often lower than world prices, the expert said.