Glencore: Completion of the review of Russian business activities

Barr, Switzerland
March 30, 2022

Glencore continues to condemn the actions taken by the Russian government against the Ukrainian people.

Following the statement released on March 1, Glencore will not engage in any new business activity with respect to products of Russian origin, except on instructions from the relevant government authorities.

Glencore will continue to honor its legal obligations under pre-existing contracts, subject to complying with any applicable sanctions in accordance with our sanctions policy and where it is possible and safe to enforce such contracts.

Glencore has completed the review of its holdings in En+ and Rosneft. Glencore has a 10.55% stake in EN+ and a 0.57% investment in Rosneft. Glencore has concluded that there is no realistic way to exit these holdings in the current environment. Glencore has no representation on the board of directors or the management of En+ or Rosneft.

Glencore continues to monitor the situation. Further updates will be posted as required.

For more information, please contact:


Martin Fewings
Phone. : +41 41 709 28 80
m: +41 79 737 56 42
[email protected]


Charles Watenphul
Phone. : +41 41 709 24 62
m: +41 79 904 33 20
[email protected]

Glencore LEI: 2138002658CPO9NBH955

Notes for Editors

Glencore is one of the world’s largest diversified natural resources companies and a leading producer and marketer of over 60 responsibly sourced products that improve everyday life. The Group’s activities include approximately 150 mining and metallurgical sites and oil production assets.

With a strong presence in over 35 countries in both established and emerging natural resource regions, Glencore’s industrial activities are supported by a global network of over 30 marketing offices. Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and petroleum sectors. We also provide financing, logistics and other services to commodity producers and consumers. Glencore businesses employ approximately 135,000 people, including contractors.

Glencore is a proud member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative. Our ambition is to be a net zero emissions company by 2050.

The companies in which Glencore plc directly and indirectly hold an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only when referring to Glencore plc and its subsidiaries generally. These collective expressions are used for reference purposes only and do not imply any other relationship between the companies. Similarly, the words “we”, “us” and “our” are also used to refer collectively to the members of the Group or those who work for them. These expressions are also used when it is not useful to identify the particular company or companies.