Glencore has finally exited RussNeft

One of the world’s largest commodity traders, Glencore, has sold its stake in Russia’s RussNeft.

The Swiss trader has been among RussNeft’s key partners since the early 2000s, but at the end of 2023 decided to finally exit the business in Russia, writes LIGA.

Glencore owned 23.46% of RussNeft’s shares through Rambero Holding, which has now completely disappeared from the list of shareholders. The new owners of the stake are:

• UAE company OCN International DMCC, which received 12.25% of the shares;

• RussNeft’s subsidiary, White Nights LLC, which bought another 12.75%.

It should be noted that Glencore officially stated that it has no “operational presence in Russia” since the start of the full-scale war in Ukraine.

At the same time, Glencore retains a stake in EN+ Group, the parent company of Russian Rusal, which produces primary aluminum and alumina. As previously reported by USM, Glencore noted that under the current circumstances, “there is no realistic way to exit” EN+’s equity.