Glencore CEO off Rusal board amid sanctions fallout

The chief executive of commodities giant Glencore, Ivan Glasenberg, has left the board of aluminum producer Rusal as the fallout continues from fresh U.S. sanctions against Russia.

Rusal and its controller, billionaire Oleg Deripaska, were among numerous Russian businessmen, officials and companies hit by the U.S. measures announced Friday. Rusal shares have since dropped sharply.

Glencore also says it "will not proceed ... at this time" with a planned deal to swap its 8.75 percent stake in Rusal for a stake in Deripaska's holding company EN+ Group.

Glencore, which purchases large quantities of aluminum from Rusal, adds it is "still evaluating the position under its contracts with Rusal, but notes that these contracts are not financially material to Glencore."