Pulse.ng logo
Go

Ivan Glasenberg Glencore CEO quits Rusal board after US sanctions

Glencore also said in a statement it was "still evaluating" its contracts with the Russian company, but it announced it would now not be going through with a planned deal with EN+, which owns a controlling stake in Rusal.

  • Published:
Glencore's shares dipped Monday but inched back up Tuesday play

Glencore's shares dipped Monday but inched back up Tuesday

(AFP/File)

Swiss mining mammoth Glencore said Tuesday its chief Ivan Glasenberg had resigned from the board of Russian aluminium giant Rusal after it was hit with US sanctions and saw its share price collapse.

Glencore also said in a statement it was "still evaluating" its contracts with the Russian company, but it announced it would now not be going through with a planned deal with EN+, which owns a controlling stake in Rusal.

"Mr Glasenberg has resigned from his position as a director of Rusal," the statement said.

The decisions came a day after Rusal saw its share price fall over 50 percent Monday on the Hong Kong stock exchange, where it is listed. It fell an additional 8.7 percent Tuesday.

Glencore also saw its shares dip 3.4 percent Monday on the London FTSE stock exchange, though its shares were back up 2.0 percent Tuesday.

The moves came after the United States on Friday announced a slew of sanctions targeting Russian oligarchs close to President Vladimir Putin.

Among the business magnates hit by the punitive measures is Oleg Deripaska, who controls Rusal and EN+.

The sanctions follow a diplomatic crisis sparked by the poisoning of former spy Sergei Skripal.

Tensions between Russia and the West are also soaring over Moscow's intervention in the Syrian conflict, and over an alleged chemical attack targeting a rebel-held area near Damascus.

Russian central bank chief Elvira Nabiullina said Tuesday that the country's economy could withstand the latest US sanctions, even as the ruble continued its spectacular plunge against the dollar and the euro.

Do you ever witness news or have a story that should be featured on Pulse Nigeria?
Submit your stories, pictures and videos to us now via WhatsApp: +2349055172167, Social Media @pulsenigeria247: #PulseEyewitness & DM or Email: eyewitness@pulse.ng. More information here.

Top 3

1 Industrial Action Israel set for nationwide strike over gay surrogacy banbullet
2 Yahya Jammeh Gambian govt condemns ex-president's 'shocking' return pledgebullet
3 In Guatemala Volcano death toll rises to 121 - Officialbullet

World