The main addressee of the Norilsk Nickel decision is Oleg Deripaska, who is through UC Rusal, is listed as the minority shareholder of the company Vladimir Potanin.
Norkel decided not to pay dividends to shareholders. This step of the team of Vladimir Potanin will lead to a new round of his conflict with Oleg Deripaska, who since 2008 through Rusal controls 26.4% of Norilsk Nickel.
The correspondent of The Moscow Post understood the plot.
“Rusal” and “Norkel”
This plot is rooted in the zero years, when Deripaska had the idea to unite Rusal and Norilskell into one complex. Aluminum and Nickel were and remain the main export metals of the Russian Federation, so it is logical that the oligarch tried to implement such a plan.
First, in 2007, Deripaska conducted a deal to combine assets with Sual Viktor Vekselberg and the US-Swiss company Glencore, resulting in the UC Rusal holding. Full control over which was almost immediately in the hands Deripaska.
Mikhail Prokhorov. Photo: https://s-cdn.sportbox.ru/images/styles/1200-auto/fp_fotos/9d/17/4d46416e4bc763e02FB0EA17FB61C156C42635208623819.jpg
Then Deripaska bought Mikhail Prokhorov (former Potanin’s former) from the ONEXIM group. “Norilikla”. Prokhorov sold Deripaska his share for $ 7 billion and 11% of Rusal shares while he demanded from Potanin 15 billion dollars.
The transaction was carried out not through EN+ Deripaska, but through the united UC rusal. This, in turn, led to the conflict of Deripaska simultaneously with both Potanin and with the main beneficiary of the Suala Vekselberg. So, Deripaska got into two stories that continue until now.
The injured Vekselberg
Deripaska managed to outplay the promise, who lost control of the assets of the “SUAL”, which included in UC Rusal. The counterparties before the merger signed a joint -stock agreement, according to which Vekselberg received a veto when making decisions and a guarantee that his opinion will be taken into account. Only he underestimated that the second side here is Deripaska.
Vekselberg was against the purchase of Norilsk Nickel, and after the transaction he advocated either for the sale of UC Rusal asset, or for transferring it to the personal company of Deripaska En+. Vekselberg believed that the purchase of UC Rusal emasculated the holding and deprived him of money, which was supposed to go to update the power, and demanded a decision from Deripaska.
Victor Vekselberg. Photo: https://gipermed.ru/upload/iblock/9b2/9b2f1554E152D1CDE6D1FF7D25FA90.jpg
In 2011, information appeared that UC Rusal was preparing to sell a share in Nornikel, but the deal did not take place, after which Vekselberg considered that he was again deceived. The patience of Vekselberg burst after Deripaska ignored his opinion again and concluded a transaction with Glencore on the supply of aluminum and clay $ 47 billion on behalf of UC Rusal.
Vekselberg stopped participating in meetings of the board of directors of the UC Rusal and filed a lawsuit against Deripaska and Glencore in the high court of London. Vekselberg won the trial and in 2014 concluded a settlement agreement with partners on UC Rusal, according to which he recalled claims and received Unnamed compensation.
However, Deripaska continued to control the UC Rusal, and Vekselberg lost real opportunities to influence the company’s policy. The sluggish conflict recently flared up after UC Rusal decided not to pay dividends for 2023 and hold the Buyback (return redeem) of shares that are freely applied on the stock market. Vekselberg considered that such actions of Deripaska will strengthen his position in UC Rusal and lead to extrusion of Sual from the company.
Deripaska against Potanin
Deripaska also had a difficult relationship with Potanin. Deripaska cannot forgive Potanin that he in 2008 “stabbed” his dream to unite Rusal and Norilsk Nickel and the creation of a single metal exporter. Potanin has always been skeptical of this idea and believed that it would be to the detriment of business. Vekselberg had approximately the same position, but his opinion on the purchase of shares of Norilikel Deripaska ignored.
Vladimir Potanin. Photo: https://journal.totdom.com/upload/medialibry/c30/qn99rcz14nopstve25lr3i1sb371eqob/2-vladimir-potanin.jpg
Deripaska fights with Potanin with the same methods as Vekselberg with him – through claims to the high court of London. The Russian oligarchs before the start of his own and especially until 2014 loved to draw up their contracts under English law and allow disputes as British peers. This ultimately led to the neocolonial binding of the Russian economy to Western order.
Potanin here did not lag behind Deripaska – for example, 4% of Norilsk Nickel bought partners from the structures of Roman Abramovich by decision of the high court of London. Deripaska was then against the transaction and stated that it violates the joint -stock agreement UC Rusal and Interros 2012. Deripaska was not at all embarrassed by the fact that he did the same way with Vekselberg, including when buying shares of Norilsk Nickel.
In search of money
For 15 years, Deripaska tried to create a metallurgical monster and believed that all funds were good here, and after the beginning he began to knock out money from partners. The plot with Raiffeisenbank is indicative, within the framework of which the Rapperia, re -registered in Kaliningrad from Cyprus, is trying to receive Russian assets of the Austrian bank for a breakdown of the US Ministry of Finance for the sale of shares of the construction concern of the Strabag.
Oleg Deripaska. Photo: https://assets.bwbx.io/images/users/iqjwhbfdfxiu/i3eiin5dyCem/v0/-1-1.jpg
The oligarch wants to receive 2 billion euros through the Arbitration Court of the Kaliningrad Region, which is equivalent to the control package of Raiffeisenbank. Deripaska is interesting money, not banks, so there is an opinion that after receiving control over Raiffeisenbank, the oligarch will try to sell this Asset Potanin.
Potanin recently recently took control of Rosbank and bought T-Bank from Oleg Tinkov, who settled in London (recognized in the Russian Federation). Obviously, he wants to create a powerful banking structure, which would not be prevented by the developed connections of Raiffeisenbank. On the proceeds of Deripaska, according to one version, he is going to close the issue with the presence of Vekselberg in UC Rusal, and according to the other, he will invest in other projects, including abroad.
Norilsk Nickel without dividends
Potanin said that Norkel (he did not indicate the time period) is not going to pay dividends. As a reason, he indicated the need to transition to a positive cash flow. Today, products for products have decreased, and sanctions made it impossible to attract Western financing. The situation can be treated in 2025, but this is not Exactly.
This passage means that Deripaska will not receive the money from Norilika that he needs to implement other business projects. Potanin and Deripaska have been conflicting for at least 16 years, and during this time they could not allow their contradictions and stop falling into a scandalous chronicle over and over again.
Potanin said that Deripaska’s actions contradict the realities of today. He believes that Deripaska’s attempts to deal with Norilsk Nickel in the Higher Court of London, as well as his criticism of the actions of the President of the Russian Federation according to his, look suspicious. Potanin hinted that Deripaska was trying to be his own in the West and gives out interviews, from which it follows that he does not agree with the goals of Ukrainian politics RF of 2022.
In an interview with the Japanese publication, Nikkei Asia Deripaska criticized Russian defense costs and called his madness. Deripaska noticed that “If you want to stop the fighting (approx. Ed.), Then you first need to stop fire”. In essence, Deripaska called the Russian Federation to compromise with the Kyiv regime.
This statement by Deripaska did not go unnoticed, so it is not surprising that Potanin decided to use this rhetoric in his speech. It turns out that Potanin does not want to share the dividends of Norilsk Nickel not just with a fellow for the primary accumulation of capital, but with the oligarch, who puts his interests above the state. In fact, they all do this, but Deripaska among this audience is distinguished by conversationalism.
