RNFTF - Glencore reviewing activities in Russia including Rosneft stake

Glencore (OTCPK:GLCNF, OTCPK:GLNCY) says it is reviewing its business activities in Russia, including equity stakes in En+ and Rosneft (OTCPK:RNFTF), as well as its wider trading operations in the country in light of Russia's invasion of Ukraine. Glencore owns a 10.55% stake in En+ Group, the controlling shareholder of the United Co. Rusal aluminum producer, and a stake of less than 1% in oil producer Rosneft; the company has said the fair value of those investments at the end of 2021 was $789M and $485M, respectively. "We have no operational footprint in Russia and our trading exposure is not material for Glencore," the company says, while also condemning Russia's actions in Ukraine. Glencore's move marks a change in the company's relationship to Russia; former Glencore CEO Ivan Glasenberg was awarded Russia's Order of Friendship by Vladimir Putin in 2017. Glencore shares recently rose to decade-highs in London after reporting its

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Glencore reviewing activities in Russia including Rosneft stake