Glencore’s Russian Aluminum Ties Just Got More Complicated [Bloomberg Business News]
GLENCORE PLC UNSP/ADR (GLNCY)
US:NASDAQ Investor Relations:
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Source: Bloomberg Business News
Commodity company holds 8.75% stake in U.S.-sanctioned Rusal Trader could face secondary sanctions risk, ex-official says A worker supervises as a large aluminum slab at an aluminum smelter, operated by United Co. Rusal. Photographer: Andrey Rudakov/Bloomberg The latest U.S. sanctions against Russia will raise some tough questions for Glencore Plc and its billionaire chief Ivan Glasenberg . The commodity giant is one of the top shareholders in aluminum producer United Co. Rusal, one of 12 oligarch-controlled companies sanctioned Friday , and Glasenberg sits on the company’s board. Glencore’s also the biggest buyer of Rusal’s metal, thanks to a multi-year arrangement that was worth $2.4 billion in 2017. It’s unclear whether Glencore needs to exit the holding in Rusal, which is controlled by billionaire Oleg Deripaska , or stop buying aluminum from the Russian com
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