According to a new report in RIA Novosti, according to official data, in July, Brazil imported $11.1 million worth of Russian nickel, the most since 2005.

The outlet’s analysis showed that supplies of the metal were over twice what they were in June. The increase in Brazil’s imports was the largest since July of 2019, rising to 435.9 tons for July.

For July, Russia was the top supplier to Brazil, followed by Norway, which delivered $10.4 million worth of the metal, and the United States, which delivered $7.3 million. Germany, with deliveries of $4.7 million, and South Africa, which delivered $3 million, rounded out the top five suppliers.

As a vital component of lithium ion batteries, the metal is a vital component of electronics, ranging from cell phones to electric cars, and it is also a key component of stainless steel.

According to an analysis by the International Energy Agency (IEA) by 2040, the demand for nickel could soar nineteen-fold, if nations pursue fully meeting the objectives of the Paris Climate Agreement to reduce greenhouse gas emissions and limit global warming to preindustrial levels.

Currently almost 10% of the global supply of nickel is produced in Russia. The top producer globally of high-grade nickel is Russian state-owned company Norilsk Nickel, which supplies more than 20% of the global supply.

However following the imposition of sanctions by the US and EU over its invasion of Ukraine, the Kremlin has been forced to redirect its exports of metals from Western countries to alternative markets. Russian Trade Minister Denis Manturov has noted that currently Russia is prioritizing shipments to China, Türkiye, South East Asia, member states of the Russia-led Eurasian Economic Union, and CIS countries, as it also focuses on developing trade relationships in Latin America, Africa, and the Middle Eastern states.