Economics
The Israeli Billionaire Forcing Glencore to Buck U.S. Sanctions
- Commodity giant to pay Israeli tycoon despite U.S. sanctions
- Decision shows Gertler’s influence in the top cobalt producer
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Not many billion-dollar companies would be willing to circumvent U.S. sanctions for their business partner, but then few people are as powerful as Dan Gertler in the Democratic Republic of Congo.
Gertler scored a victory when Glencore said on Friday that it would evade U.S. sanctions to keep paying him royalties from copper and cobalt mines. It’s a rare, possibly unprecedented, arrangement for a global corporation and speaks to Gertler’s power over Glencore, which has bet its future on Congo’s mining riches.