Glencore Funded Refineries Owned by Putin's Allies, SourceMaterial Reports

--Glencore PLC funded two Russian refineries owned by Vladimir Putin's allies in 2016, and was repaid with oil products worth around $800 million, investigative journalism group SourceMaterial reports.

--Loan security documents relating to the deals indicate the arrangements remain active, but Glencore says it has no continuing business relationship with either refinery and that both deals were carried out through an open-market process, SourceMaterial says.

--SourceMaterial is a non-profit organization funded by charitable foundations. It works collaboratively with major news vendors, including The Times of London, NBC and Bloomberg.

--The Times is owned by News Corp., the parent company of Dow Jones & Co., publisher of the Wall Street Journal and Dow Jones Newswires.

Full story: https://bit.ly/3ro9s3O

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(END) Dow Jones Newswires

April 13, 2022 08:13 ET (12:13 GMT)

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