According to media reports on Tuesday citing people familiar with the matter, in the ninth batch of Russian sanctions submitted to member states by the European Commission, it is proposed to prohibit European countries from making new investments in Russian mining. If the measure is approved, it will also be the first time that the European Union has taken direct action against the Russian metals industry. Russia is a country that produces gold, iron ore, uranium, phosphate and other bulk commodities, and a quarter of foreign investment in Russia is concentrated in the mining industry. For example, commodity trading giant Glencore holds nearly 10% of En+ Group, which is the controlling shareholder of Rusal; BlackRock, Pioneer Asset Management and UBS Asset Management also hold Nornickel, Yen Equity in large mining companies such as Frazi. | Related reading (Financial Association)
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