Russia’s En+ Group has raised its stake in aluminium giant Rusal to 56.88% after completing an asset swap with Glencore, part of a deal that has helped companies controlled by Russian tycoon Oleg Deripaska to ward off US sanctions.

En+ Group and Glencore agreed in 2017 that Glencore would swap its 8.75% stake in Rusal for shares in En+ Group, an aluminium and hydropower group controlled by Deripaska, following En+’s initial public offering.

However, the deal was suspended in 2018 when the United States announced sanctions on Deripaska, Rusal, En+ and other companies in which he owns stakes, citing "malign activities" by Russia.

Scroll to Top