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Putin signs decree allowing transactions with Russia's Russneft shares

Published 03/02/2024, 12:29
Updated 03/02/2024, 12:30
© Reuters. Russian President Vladimir Putin attends a forum held by activists of the All-Russia People's Front to discuss measures taken in support of the country's armed forces involved in a military campaign in Ukraine and other issues, in Tula, Russia, February 2
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(Reuters) - Russian President Vladimir Putin has authorised transactions of shares of Russian oil producer Russneft, according to a decree published on Friday.

Glencore (LON:GLEN) 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.

© Reuters. Russian President Vladimir Putin attends a forum held by activists of the All-Russia People's Front to discuss measures taken in support of the country's armed forces involved in a military campaign in Ukraine and other issues, in Tula, Russia, February 2, 2024. Sputnik/Alexander Kazakov/Pool via REUTERS

The deal may not have been finalised 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.

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