Commodities trader and miner Glencore said it will not renew the US$16 billion deal to buy aluminum from RUSAL, which will expire next year.
Gary Nagle, Chief Executive Officer of Glencore, said the company now has a policy of not doing any new business with Russia, so the contract which will be due next year will not be renewed. This policy was introduced after Russia invaded Ukraine last February. However, the existing contracts will be continued.
Gary Nagle said that Glencore will not start new businesses with Russia unless the government asked it to do so.
Glencore not to renew $16 billion aluminum deal with RUSAL
17 Mar 2023 15:36 reported by Joy Liu
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