By Oliver Griffin
Glencore said Tuesday that Chief Executive Ivan Glasenberg has resigned as a director of Russian company United Co. Rusal PLC (0486.HK), which was placed on the U.S. sanctions list alongside its controlling shareholder EN+ Group.
The Anglo-Swiss mining and commodity-trading company said it is committed to complying with all sanctions, and that it is taking all necessary steps to mitigate risks to its business as a result of Rusal's and EN+ Group's inclusion in U.S. sanctions.
EN+ Group and Rusal were added to the U.S. sanctions list on Friday due to their connection to Russian billionaire Oleg Deripaska, causing shares to fall. EN+ Group said its inclusion on the list will likely be materially adverse, and its shares have been suspended on the London Stock Exchange.
Glencore also said that it was evaluating contracts that it holds with Rusal for the purchase of aluminum and alumina, saying the contracts aren't financially material to the company.
Glencore, which previously signed a non-binding agreement with EN+ Group to swap its shares in Rusal for global depository receipts in EN+ Group, said that it will no longer proceed with the transaction.
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