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MMC Norilsk Nickel PJSC

NILSY

Materials

2

exclusion reasons

1 theme

Environmental Harm (2)
NILSY Materials Current as of March 2026

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.

Environmental Damage
Since Nov 19, 2009

MMC Norilsk Nickel PJSC (Nornickel) caused one of Russia's worst environmental disasters when a fuel storage tank at its Norilsk-Taimyr Energy subsidiary collapsed in May 2020, spilling approximately 21,000 cubic meters of diesel into the Ambarnaya and Daldykan rivers. The spill polluted two rivers and Lake Pyasino, turning waters red and devastating the fragile Arctic tundra ecosystem. The Russian government filed a lawsuit seeking 147 billion rubles (approximately $2 billion) in damages, which the company ultimately paid in 2021—a record environmental fine in Russian history.

Satellite monitoring documented the extensive contamination, requiring the removal of tons of polluted soil and the skimming of oil and toxic water mixtures from the rivers. This incident followed a long history of environmental damage linked to the company's operations in Siberia. Norilsk, the city housing its operations, is consistently ranked among Russia's most polluted due to persistent emissions of toxic substances, primarily sulfur dioxide, from its smelting facilities. While the company has shuttered some aged facilities, its operations continue to pose significant risks to the Arctic environment.

Research Sources 1 organization
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

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