Russian businessman Vladimir Potanin, the largest shareholder at Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel (MISX:GMKN) (Nornickel), said he was ready to discuss a possible merger of the mining giant with United Company RUSAL, International Public Joint-Stock Company (SEHK:486), in part as a defence against Western sanctions. Potanin told RBC TV he had sent a letter on July 4, 2022 confirming his agreement to start merger discussions "because this allows the creation of a national champion. This allows us to even further diversify the shareholder base." He said the need to "acquire extra stability against sanctions" and the potential requirement for state support for projects in Russia were among reasons to discuss the deal, adding that the proposal came from the management of Rusal.

Rusal, the world's largest aluminium producer outside China, did not immediately reply to a Reuters' request for comment.