Despite no current sanctions on purchasing Russian metals, there are restrictions on sourcing these metals from specific producers and oligarchs.
While the UK and EU have imposed sanctions on executives of UMMC, they have not targeted the company itself.
A spokesperson for Glencore stated that the purchase of Russian copper through Turkey is part of a pre-existing contract and aligns with the company’s policy on Russian business activities. Glencore has not engaged in any new business with UMMC since the start of the conflict in Ukraine.
Glencore has a long history of involvement in Russia, highlighted by its former CEO Ivan Glasenberg receiving the Order of Friendship from Vladimir Putin in 2017. This came after Glencore and the Qatar Investment Authority acquired a 19.5% stake in Russian oil giant Rosneft for over €10 billion.
In addition, Glencore has recently stored a significant amount of Russian aluminum in LME-registered warehouses.