Aluminum price soars as China cancels tax incentive on exports
Futures in London jumped as much as 8.5%.
Glencore said on Wednesday it had “no realistic way to exit” its stakes in Russian company En+ Group and state oil firm Rosneft reviewing its business ties.
The London-listed miner added in the statement that it would “not enter into any new trading business in respect of Russian origin commodities unless directed by the relevant government authorities”.
On March 1, the Swiss company said it was reviewing its business activities in Russia.
Western companies began severing ties with Moscow days after its invasion of Ukraine, under pressure from governments and shareholders.
Glencore holds a 10.5% stake in aluminum and hydropower company En+ that in turn is the majority owner of Russian aluminum producer Rusal.
Glencore has a 0.57% stake in Rosneft.
It does not have any board or management representation in either company.
(By Julia Payne; Editing by Jason Neely)
Comments