Breaking News
Investing Pro 0
🚨 NDVA surged 43% - these 3 AI stocks could be next Start Free Trial

Rusal plans further lawsuit against Potanin over Nornickel pact

Published Mar 23, 2023 11:14AM ET Updated Mar 23, 2023 12:51PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: Russian billionaire Oleg Deripaska attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. REUTERS/Maxim Shemetov//File Photo

By Sam Tobin and Clara Denina

LONDON (Reuters) -Aluminium giant Rusal plans to bring a further lawsuit in London against Vladimir Potanin, CEO of Nornickel, court documents show, marking the latest flare-up in relations between two of Russia's biggest metal companies.

Rusal wishes to "bring certain further claims" against Potanin and his affiliate Whiteleave Holdings Ltd that are not covered by a lawsuit filed in London's High Court on Oct. 21, according to a court order dated March 21 and seen by Reuters.

Rusal declined to comment, but previously said its legal action was to protect the interests of Nornickel's shareholders. Potanin holds a 37% stake, while Rusal holds 26%.

"Lawyers on the case are waiting for their licence as they are preparing to litigate," Potanin's Interros holding company said in an emailed statement.

Rusal's lawsuit has been paused until mid-July pending an application by Potanin and Whiteleave's lawyers Seladore Legal to Britain's Office of Financial Sanctions Implementation for a licence to represent them, the court order states.

Nornickel has not been directly targeted by Western sanctions, but Britain and the U.S. have placed sanctions on Potanin.

The dispute that led to the October lawsuit, and Rusal's planned further claims, centres on an agreement brokered by Moscow in 2012 between Nornickel's two largest shareholders, Potanin and Rusal, which protected Nornickel's dividend payouts.

Oleg Deripaska, founder of Rusal, is not a party to the litigation.

Disagreements over dividends have been the main reason for on-and-off rows between shareholders at Nornickel and Rusal. One of the parties to the 2012 deal is billionaire Roman Abramovich, who helped to cool the dispute a decade ago.

The deal, which was due to expire at the end of 2022, resolved a disagreement over how much profit should be returned to investors and how much should be invested in Nornickel.

Rusal alleges Potanin and Whiteleave procured the transfer of "crucial subsidiaries" out of Nornickel's corporate group "with the sole or main purpose of diverting value away from the (Nornickel) Group, as part of a wider strategy of entrenching (Whiteleave and Potanin's) control", according to a summary of the lawsuit dated Oct. 21.

Rusal plans further lawsuit against Potanin over Nornickel pact

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email