Reducing Activities: company scaling back some business operations while continuing others
Wait Scaling Back
Glencore International AG is a Swiss trading company, one of the world's largest suppliers of raw materials and rare earth materials.
Reducing Activities: company scaling back some business operations while continuing others
Wait Scaling BackIn March 2022, as Western sanctions over Russia's actions in Ukraine started coming into force, Glencore said it would not enter into new trading business in respect of Russian-origin commodities unless directed by the relevant government authorities. It also said it would honour its legal obligations under pre-existing contracts, subject to complying with all applicable sanctions. Has equity investments in Rosneft and others.
No new trade of Russian commodities. Statement condemning Russian invasion of Ukraine. Maintaining operations in Russia (suspended only new contracts for commodities of Russian origin). Equity stakes in En+ Group (~$645 million) and Rosneft (~$183 million). Glencore delivers Russian-origin aluminium into LME system. Commodity trader Glencore has delivered 40,000 tonnes of Russian aluminium to London Metal Exchange-approved warehouses in the South Korean port of Gwangyang. The court refused to Sberbank to arrest the shares of Rosneft owned by Glencore.
| August 18, 2023 | The court refused to Sberbank to arrest the shares of Rosneft owned by Glencore |
| February 27, 2023 | Trafigura Lines Up Russia Aluminum Deal in Challenge to Glencore |
| January 31, 2023 | Glencore sells Russian aluminium into LME storage, sources say |
| January 27, 2023 | Glencore response |
| December 26, 2022 | Russia's Sberbank urges Glencore to resolve dispute over oil bill |
| November 11, 2022 | Letter sent by B4Ukraine to the company (no response provided) |
| November 05, 2022 | Glencore posts record $18.9bn profit as coal enjoys a renaissance |
| October 19, 2022 | Glencore delivers Russian-origin aluminium into LME system -sources |
| March 31, 2022 | Ukraine calls on commodity traders to stop handling Russian oil |
| March 30, 2022 | Completion of review of Russian business activities |