Economics
Glencore Tests U.S. Sanctions Resolve With Gertler Payments
- Swiss miner to pay royalties in euros using a non-U.S. firm
- Gertler was sanctioned by U.S. for alleged bribery, corruption
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Glencore Plc, the world’s biggest commodities trader, is testing the limits of U.S. sanctions.
The company has moved to resume payments to its longtime partner in the Democratic Republic of Congo, Dan Gertler, without public approval from U.S. authorities, as part of an effort to keep access to valuable mining assets. The deal came days after a $150 million settlement with Congo’s state-owned miner and debt restructuring of Glencore’s local subsidiary.