Russia fines nickel giant USD 2 billion

RUSSIA / FSU POLITICS - In Brief 06 Feb 2021 by Alex Teddy
On February 5 a court fined Nornickel for the environmental disaster it caused in 2020 when 21,000 tonnes of diesel was spilled in the Krasnoyarsk Region. It was the worst disaster to hit the Arctic.The fine imposed is a record. Nornickel has argued the fine should be only USD 280 million. The accident was partly caused by global warming's melting of permafrost. This is a risk that companies have to take account of.The Environmental Commission is satisfied with the result. Companies have often gotten away with degrading environment by paying paltry fines. Shares in the company dropped 1.5% on February 5. Nornickel is owned by Vladimiar Potanin. The company may yet appeal.

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