Nordea Seeks to End Banking Relationship with Russian-Owned Kubal

» Published: August 22 2025 at 13:41

Nordea Seeks to End Banking Relationship with Russian-Owned Kubal
Photo: Jonas Ekströmer/TT

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Nordea wants to terminate the accounts that the Russian-owned aluminium smelter Kubal has at the bank.

The reason is the Sundsvall-based factory's ties to Russia. But the company has turned to court to overturn the decision, writes Dagens industri, which refers to the news agency Siren.

Kubal defends itself by saying that the Russian-sanctioned oligarch Oleg Deripaska no longer has any controlling influence over the company.

If Kubal loses its accounts, the payment of wages will be threatened, among other things, the company objects.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers
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