Glencore loosens ties with Russian aluminium tycoon after US sanctions
London — Glencore, the world’s largest commodities trader, started to loosen ties with Russian aluminium tycoon Oleg Deripaska after the US imposed harsh sanctions against his business empire. Glencore would not proceed with a plan to swap its 8.75% stake in aluminium producer United Company Rusal for shares in another one of Deripaska’s companies, London-listed En+ Group. CEO Ivan Glasenberg has also resigned from Rusal’s board. In an indication that the sanctions will continue to reverberate through the global commodity market, the Swiss-based commodities giant said in a statement on Tuesday that it was evaluating other contracts with Rusal. The trader has a multi-year deal to buy Rusal’s metal, an arrangement that was worth $2.4bn in 2017. "Glencore is still evaluating the position under its contracts with Rusal, but notes that these contracts are not financially material to Glencore," it said in the statement. Shares in Glencore fell on Monday because of concern that the fallout...
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