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"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.