MOSCOW (Dec 8): Commodity trader Glencore Plc and Qatar's sovereign wealth fund agreed to buy a 10.2 billion euro ($15.6 billion) stake in Russia's largest oil producer from the state in a triumph for President Vladimir Putin over sanctions imposed by the West.

The surprise deal gives the buyers a 19.5% stake in Rosneft PJSC, which the US and European Union have targeted with punitive measures, and is the biggest foreign investment in Russia since the crisis in Ukraine.

It also marks a stunning return to deal-making for Glencore Chief Executive Officer Ivan Glasenberg a little more than a year after his company was forced to raise cash from shareholders.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook