【SMM Nickel Market Flash】Investigation Reveals Sanctions Loophole Allowing Russian-Mined Nickel into US via Finland

Published: Sep 29, 2025 14:57

Save

【SMM Nickel Market Flash】A new investigation by the NGO Global Witness reveals a major loophole in Western sanctions that allows nickel mined by Russia's Norilsk Nickel (Nornickel) to legally enter the US market. The report shows that while the US and UK banned Russian-origin nickel in April 2024, the EU did not. This allows Nornickel to ship its material to its subsidiary refinery in Finland. Once processed there, the metal is considered of "Finnish origin" and can be legally exported to the US and other markets, circumventing the ban. The investigation also presents evidence directly linking Nornickel to Russia's military, showing sales of nickel to a major Russian tank manufacturer.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 mins ago

[SMM Nickel Sulphate Daily Comment] June 23: Downstream price acceptance was weak, and nickel salt prices declined somewhat.

On June 23, the SMM average price of battery-grade nickel sulphate declined.

4 mins ago

9 mins ago

[SMM Conference] ICM 2026: Gathering Global Metal Industry Elites & Navigating Energy Transition

9 mins ago

26 mins ago

Ji En Nickel Commissions New 5,000 mt/Year Electrodeposited Nickel Line in Jilin Province

On June 22, 2026, Jilin Ji En Nickel Industry Co., Ltd. officially energized and commissioned its new electrodeposited nickel production line at its headquarters in Panshi City, Jilin Province. According to SMM, the newly commissioned electrodeposited nickel capacity is 5,000 mt/year. As a long-established nickel producer in China, Ji En Nickel’s “Ji En” brand refined nickel was registered on the Shanghai Futures Exchange (SHFE) in March 2015, making it one of the early nickel products in China to receive futures delivery brand certification. It completed registration on the London Metal Exchange (LME) at the end of 2025, becoming an LME-registered delivery brand.

26 mins ago