Financial Times: In July 2023, the trading giant Glencore transported five thousand tonnes of Russian copper through Türkiye to Italy

The Swiss commodities company Glencore has transported five thousand tonnes of Russian copper through Türkiye to Italy.

This was reported by the Financial Times.

According to customs documents and photographs obtained by the Financial Times, the company purchased copper produced by the Ural Mining and Metallurgical Company.

There are no sanctions for trading in Russian metals. However, the UK and EU imposed sanctions not against UMMC itself but against its management.

"Glencore, for its part, said the deal was the " final part" of a contract that was in place before Russia waged war on Ukraine. 

The company allegedly "has undertaken no new business with UMMC since the outbreak of the war".

Turkey's Ministry of Energy and Natural Resources, as well as Haldivor Energy, which sold the copper supplies to Glencore, did not respond to the media inquiries.

According to the Trade Data Monitor, imports of Russian copper through Türkiye in the first seven months of 2023 tripled year-on-year to 159,000 tonnes.

Glencore also trades in Russian aluminium under a multi-year supply agreement with Rusal. CEO Gary Nagle expects the contract to expire by the end of next year. This will be influenced by trade volumes.