MOSCOW, April 24. /TASS/. Swiss trader Glencore has completely withdrawn from the shareholding structure of Russneft, according to data on the share capital of the Russian oil company posted on its website.
In particular, as of March 31, 2025, Rambero Holding, a structure through which Glencore held 23.46% of shares in Russneft, is no longer on the list of shareholders owning at least 5% of the company’s share capital, Russneft reported.
Among the new shareholders of Russneft is the Emirati OCN International DMCC. The information that the company purchased 16.33% of ordinary shares of Russneft was announced by the Russian firm on April 23. The stake of the UAE’s company in the share capital reached 12.25%. A subsidiary of Russneft, LLC Belye Nochi, is another new shareholder. In February, it acquired 17% of the stock, which equals a 12.75% stake in the share capital.
A source on the stock market told TASS earlier that part of the Glencore stake may have been taken by the Emirati OCN International DMCC.
In December 2021, Glencore agreed to sell its 23.46% stake in Russneft, with the deal expected to close in the first half of 2022. However, in the summer of 2022, Russian President Vladimir Putin signed a decree restricting any transactions that alter the ownership structure of Russian companies for investors from unfriendly countries.
In February 2024, Putin permitted foreigners to carry out transactions with Russneft shares. An informed source in the sector told TASS that it would enable Russneft to finalize the deal with Glencore on its exit from the share capital.
Last fall, Russneft CEO Yevgeny Tolochek told reporters that the sale of Glencore’s stake could be completed by the end of 2024.