Glencore, a Swiss raw materials company, has been ordered by a Russian court to pay Sberbank in investments for an oil company and an aluminum manufacturer. This is the second lawsuit filed by Sberbank against Glencore, with the court ruling that they must pay 11.4 billion rubles in damages. The case highlights the challenges faced by Western companies trying to exit investments in Russia due to sanctions and political unrest.
Sberbank is seeking payment in the form of shares, as Glencore holds shares in Russian companies such as Rosneft and EN+, which includes Rusal. Other Western companies have also faced difficulties selling their interests in Russia, with some subsidiaries placed under state administration by the Russian government. Glencore’s holdings in Rosneft and Rusal are currently worth 700 million francs, and they may be looking to sell these shares while maintaining their market value. However, Glencore did not comment on the court decision but may be exploring options to exit their investments in the current environment.
