Glencore boss Ivan Glasenberg resigns from Rusal’s board amid Russia sanctions
The chief executive of commodities giant Glencore has stepped down from the board of sanctions-hit aluminium producer Rusal.
Ivan Glasenberg resigned from his position as a director of the world’s top aluminium producer after its share price halved yesterday due to a fresh round of US sanctions that targeted Russian oligarchs including Oleg Deripaska, who controls Rusal.
Rusal’s Hong Kong-listed shares slid a further 4.78 per cent today.
Glencore also has “various contracts” with Rusal for the purchase of aluminium and alumina, which it is evaluating. The firm noted, however, that these contracts are not financially material.
Additionally, Glencore said it will cancel the swapping of its Rusal shares with En+, a hydro power and aluminium producer also controlled by Deripaska.
“Glencore is committed to complying with all applicable sanctions in its business and is taking all necessary measures in order to mitigate any risks to Glencore’s business as result of the designation of Rusal and En+ as SDNs [specially designated nationals], including in respect of secondary sanctions,” the firm said in a statement.
Shares in Glencore were up 2.64 per cent at 348.1p at the time of writing after closing down slightly yesterday due to its connections with Rusal.
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