Glencore says Rusal contracts not ‘financially material’; Glasenberg resigns as Rusal director

Glencore announced on Tuesday April 10 that it is evaluating its contracts with UC Rusal, but notes that these contracts are not “financially material” to the company. Meanwhile, Glencore chief executive Ivan Glasenberg has resigned from his position as a director at Rusal.

Glencore has various contracts with Rusal for the purchase of aluminium and alumina.
The move comes after the United States on April 6 sanctioned and froze the assets of Oleg Deripaska and Rusal that are subject to US jurisdiction.

“Glencore is committed to complying with all applicable sanctions in its business and is taking all necessary measures...

Published

Vivian Teo

April 10, 2018

08:31 GMT

Singapore