[ferro-alloys.com]Glencore notes the designation of United Company Rusal Plc (“Rusal”) and EN+ Group Plc (“EN+”) as Specially Designated Nationals (“SDNs”) by the United States Government.

Glencore has various contracts with Rusal for the purchase of aluminium and alumina.  

Glencore is committed to complying with all applicable sanctions in its business and is taking all necessary measures in order to mitigate any risks to Glencore’s business as result of the designation of Rusal and EN+ as SDNs, including in respect of secondary sanctions.

Mr. Glasenberg has resigned from his position as a director of Rusal.  

Glencore is still evaluating the position under its contracts with Rusal, but notes that these contracts are not financially material to Glencore.

Glencore has previously signed a non-binding term sheet with EN+ regarding swapping its shares in Rusal for Global Depositary Receipts in EN+ (the “Transaction”). Glencore will not proceed with the Transaction at this time in light of the designation of Rusal and EN+ as SDNs.

• [Editor:王可]