MOSCOW: Swiss-based trader Glencore said on Tuesday it would not "at this time" be swapping its shares in Russian aluminium producer Rusal for Global Depository Receipts in EN+ due to US sanctions on both firms.
"Glencore is committed to complying with all applicable sanctions in its business and is taking all necessary measures in order to mitigate any risks to Glencore's business as a result of the designation of Rusal and EN+ as SDNs (specially designated nationals), including in respect of secondary sanctions," Glencore said in a statement.
Glencore, under what it said was a non-binding agreement, had previously planned to swap its 8.75 percent stake in Rusal for GDRs in En+ Group.
"Glencore will not proceed with the Transaction at this time in light of the designation of Rusal and EN+ as SDNs," it said in the same statement.
Glencore also said that Ivan Glasenberg had resigned from his position as a director of Rusal.
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