Glencore found itself engulfed in a fresh scandal following reports it delivered aluminium produced by an oligarch's Russian firm to the London Metal Exchange (LME). The metal was produced by Rusal, a Russian metal conglomerate controlled by Oleg Deripaska, who is one of Vladimir Putin's closest allies and has been sanctioned by the UK. Glencore found itself engulfed in a fresh scandal following reports it delivered aluminium produced by an oligarch's Russian firm to the London Metal Exchange (LME)The delivery highlights difficulties facing the firm as buyers shun Russian metal after the invasion of Ukraine, according to a Reuters report citing sources with knowledge of the matter. While there are currently no restrictions on purchasing Russian metal, many buyers do not want Rusal's aluminium in their products. Meanwhile, the LME launched a discussion paper last month as it considered banning new supplies of Russian metal from being traded on the exchange.

Source: Daily Mail October 20, 2022 14:49 UTC