Glencore terminates Rusal-EN+ share swap, Glasenberg quits Rusal board

Multinational miner and commodity trader Glencore will not proceed with a share swapping transaction with Russian companies Rusal and EN+ Group, following fresh US sanctions targeting Kremlin-linked companies and oligarchs. Glencore, which on Tuesday confirmed that it would comply with all applicable sanctions, said that the previously announced transaction in which it would have swapped its 8.75% stake in Oleg Deripaska’s aluminium-producing giant Rusal for global depositary receipts in one of his other companies, EN+ Group, would not go ahead.