RUSSIAN MINING GIANT SAYS THAT CHINA IS A "VERY GOOD NEIGHBOR QITh

The senior vice president of Russian mining giant Norilsk Nickel Group took a different line on the anti-dumping allegations against China on Tuesday. Europe and the U.S. complaint against dumping practices from China, specially related to steel products.

Andrei Bougrov told CNBC it was better to embrace China's demand for metals by partnering with it on projects, rather than to decry its perceived role in lowering prices.

"They (Chinese) are a competitor, but at the same time they are very good neighbors and we are blessed by having a neighbor like that, with a lot of ambitious programs for purchase of base metals," the Moscow-educated executive told CNBC on Tuesday.

"They (the Chinese) do buy nickel and copper and some other stuff — but we don't feel that competition as being bitter or lethal, particularly against the backdrop of a slowdown in the Chinese economy."