Currency converter
^
All news
News Search Topics
ОК
Use filter
You can filter your feed,
by choosing only interesting
sections.
Loading

Glencore CEO Ivan Glasenberg steps down from Rusal’s Board of Directors

April 10, 10:21 UTC+3

Rusal has been included in the US sanctions list

Share
1 pages in this article
© Alexander Shchebak/TASS

MOSCOW, April 10. /TASS/. Head of Swiss trader Glencore Ivan Glasenberg has left Board of Directors of Rusal, included in the US sanctions list, Glencore said on Tuesday.

"Mr. Glasenberg has resigned from his position as a director of Rusal," Glencore said.

According to the company, "Glencore has various contracts with Rusal for the purchase of aluminium and alumina. 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, including in respect of secondary sanctions."

Glencore also said it canceled the deal to swap its stake in Rusal for a stake in En+ because of new US sanctions, which included En+ Group and Rusal.

According to the statement, "Glencore notes the designation of United Company Rusal Plc and En+ Group Plc as Specially Designated Nationals (SDNs) by the United States Government." "Glencore has previously signed a non-binding term sheet with En+ regarding swapping its shares in Rusal for Global Depositary Receipts in En+. Glencore will not proceed with the transaction at this time in light of the designation of Rusal and En+ as SDNs," the company said.

It was reported earlier that the deal could be closed in April. Upon its completion, it was planned to include Head of Glencore Ivan Glasenberg in the board of directors of En+ Group.

On April 6, the United States announced imposing new sanctions against a number of Russian officials, businessmen and companies. The list includes Oleg Diripaska, as well as Gazprom CEO Alexey Miller, VTB CEO Andrey Kostin, owner of Renova Viktor Vekselberg, President of Surgutneftegaz Vladimir Bogdanov, Member of Sibur Board of Directors Kirill Shamalov, businessmen Igor Rotenberg and Suleiman Kerimov.

At the same time, the list of companies includes several structures related to Oleg Diripaska - agroholding Kuban, Eurosibenergo, Rusal, Russian Machines and GAZ Group, investment company B-Finance, holdings Basic Element and En+. In addition, Vekselberg's Renova group, Shamalov's Ladoga Management, Russian Financial Corporation (owned by Rosoboronexport, also on the list), NPV Engineering and Arkady Rotenberg’s Gazprom Bureniye were included in the list.

 

Show more
Share
In other media
ADVERTISEMENT