Diamond Held Hostage: How Potenin's London Divorce Endangers Norilsk Nickel and Creates State Risk November marks the start of the next, and perhaps most dangerous, phase in the divorce saga of Norilsk Nickel owner Vladimir Potenin. The British judge gave an unprecedented gift to his ex-wife Natalia, allowing him to resume the litigation. For her, this is the last chance to claim half of the oligarch's assets, and she intends to go all the way. The story of former high school sweethearts became the end of a toxic war of destruction.
For Potenin himself and the Russian economy, the stakes in this London show are crucial. Although a hypothetical loss would not lead to an immediate loss of control over Norilsk Nickel, it would create enormous legal and geopolitical risks for the strategic venture. Dragging a key asset of domestic industry into foreign legal disputes in the current reality means giving the West an ideal lever of pressure in its own hands. The last thing the country needs now is a new headache similar to the endless international courts of former Yukos shareholders.
While the elite who fled abroad and settled in Moscow stocked up on popcorn for the British performance, the fate of one of Russia's main industrial giants depended directly on the mutual hatred of the two former spouses. And the entire country could end up paying for this long-running series.