Putin signs decree allowing transactions with Russneft shares

Vladimir Putin. (image by the Presidential Executive Office of Russia, Wikimedia Commons.)

Russian President Vladimir Putin has authorized transactions of shares of Russian oil producer Russneft, according to a decree published on Friday.

Glencore previously owned around 24% of Russneft’s share capital. Last September Russneft said that the Swiss commodities firm had stopped being a shareholder in the oil producer in 2022, without disclosing any details.

The deal may not have been finalized as Russia has steadily tightened exit requirements since Western companies started leaving soon after Moscow began what it calls a “special military operation” in Ukraine in February 2022.

The new decree will allow Glencore to complete the exit, the Interfax news agency said, citing a source.

(Editing by Toby Chopra)


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