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The puzzling Glencore-Qatari-Rosneft deal

The sale of a stake in Russia's largest oil producer might not be as significant as many thought

On the surface, the €10.2bn ($10.8bn) sale of a 19.5% stake in Rosneft, to Glencore and the Qatar Investment Authority (QIA), looks good business all around. The Russian treasury gets some much-needed cash; Qatar diversifies into Russian oil; and Glencore will buy another 220,000 barrels a day of Rosneft's crude for the next five years. Glencore chief executive Ivan Glasenberg said the deal showed the "strong relationships that already exist between Rosneft, QIA and Glencore". Western sanctions have sought to prevent such relationships - and investments - and hurt Russian firms. This deal showed Russia's resilience to the financial embargo. Announced on 10 December, it valued Rosneft at €52b

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