Anglo-Swiss commodity trader Glencore evaluates equity stakes in En+ Group among other Russian entities
On 1st March 2022, Switzerland headquartered Anglo-Swiss multinational commodity trading and mining company Glencore stated that it is evaluating all its business activities in Russia comprising equity stakes in aluminium and hydropower group giant En+ Group among other firms in different sectors.
The world's largest globally diversified natural resource company, Glencore, which is also listed at London Stock Exchange (LSE) holds a 10.5% stake in En+ Group, the dominion shareholder of the Russian aluminium giant. Glencore also has a 0.57% stake in Rosneft.
Glencore further added, “We have no operational footprint in Russia and our trading exposure is not material for Glencore.”
However, a set of Western companies has been splitting strap with Russia following its stand-off with Ukraine, due to constraints from governments and shareholders.
The largest lender of Russia on 02nd March 2022 released a statement quoted “Leaving the European market after coming under pressure from Western sanctions levelled against the state bank in response to Moscow's invasion of Ukraine.”
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