Glencore strikes deal to pay former partner, without violating US sanctions

Glencore has managed to avoid legal action, which could result in the capture of two large mines, having agreed to pay our former partner in euros, not dollars, to avoid the violation of U.S. sanctions.

The FTSE 100 company will resume the payment of royalties Dan Gertler, an Israeli businessman operating in the democratic Republic of the Congo, who came under US sanctions in the past year, but it will pay its holding companies in the U.S. currency.

Instead, Mr. Gertler, will fall by $3 billion (£2.3 billion) a claim in respect of the loss of royalties he is pursuing through the British courts.

Glencore stated that it “carefully considered their legal and commercial options,” and thought that this result would “give due consideration to all applicable obligations of the sanctions”….

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