Glencore starts cutting ties with Russian oligarch Deripaska

Planned 8.75% stake swap with aluminium tycoon’s firm cancelled after new US sanctionsGlencore, the world’s largest commodities trader, has begun cutting its ties with the Russian aluminium tycoon Oleg Deripaska after new US sanctions against his business empire.Glencore said it had cancelled the planned swap of its 8.75% stake in the Russian aluminium maker Rusal, which is controlled by Deripaska, for shares in the London-listed En+ Group, another of the oligarch’s companies.