Anglo-Swiss metals miner Glencore plc announced earlier this week that it is conducting a review of all of its business dealings with Russian firms, including the equity stakes it has in Russian aluminium giant UC Rusal’s parent company En+ Group.
Glencore currently has a 10.5-percent share in Rusal’s parent company. However, the firm downplayed its business involvement with Russia, which is quickly becoming an isolated pariah state due to its invasion of Ukraine last week.
“We have no operational footprint in Russia and our trading exposure is not material for Glencore,” explained the firm in a press release.
Even before the recent move against Ukraine, Glencore’s new leadership has been moving steadily away from involvement in Russian businesses and markets. This is in stark contrast with Glencore’s previous boss Ivan Glasenberg and head of the firm’s oil business Alex Beard, who maintained significant ties with Russian-based industry.
Should Glencore divest itself of its shares in Rusal, it would be but the latest of many such firms to do so. To date, Shell, BP, and Equinor have ended their associations with Russian counterparts.
Glencore is also considering shedding its interest in Russian oil firm Rosneft, in which it holds a 0.57-percent stake. Glencore initially bought a much larger share in 2017, for which Glasenberg was awarded a metal by Russian leader Vladimir Putin. The firm sold off most of its interest a few months later, retaining only a fraction of a percent and a five-year supply contract that expired last year.