NILSY - Nornickel forced to slash dividend adjust strategy by sanctions Potanin says

Nornickel ( OTC:NILSY ) President Vladimir Potanin said Monday the Russian company is trying to rework its strategy and build closer ties with countries such as China, Turkey and Morocco because of Western sanctions.

Potanin said the impact of sanctions "does not directly affect the life of the company, its survival, but of course it limits its capabilities, including financial ones, and development of those markets in which it has traditionally been present," according to Reuters.

Nornickel ( OTC:NILSY ), the world's biggest producer of palladium and refined nickel, has been affected by the sanctions because of the impact on logistic chains, payment systems and the ability to purchase new equipment, as well as the disruption of plans to expand into new markets, Potanin said.

Nornickel ( OTC:NILSY ) management has proposed cutting its annual dividend for 2022 to $1.5B from the $6.3B paid out for 2021, Russian media reported Saturday.

Potanin was placed on a U.S. sanctions list last month as part of wider measures targeting people and businesses close to Vladimir Putin; Canada and the U.K. already had targeted the oligarch .

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