Glencore Fulfills Contractual Obligations with $1.06 Billion Purchase from Rusal

In its annual report released Friday, Russian aluminum producer Rusal disclosed that commodities group Glencore purchased aluminum worth $1.06 billion from them in 2023, as part of a longstanding contractual agreement. This contract is set to expire in 2024, with a potential extension to 2025 under consideration.

Glencore had previously stated in 2022 that while it would not enter into new contracts for Russian materials, it remains committed to fulfilling its existing obligations. This purchase underscores the complexities and commitments of international trade agreements, especially in the commodities sector.