Russneft, whose largest shareholder is Mikhail Gutseriev , will convert almost $1 billion in debt to Swiss commodity trader Glencore, transferring 46% of its shares to it, Interfax reported Thursday .

“There will be no leftovers,” the agency quotes Gutseriev’s answer to the question of whether Russneft will still have debts to Glencore after the deal to transfer a 46% stake in the oil company to the trader is closed.

Gutseriev said that Russneft’s debt to Glencore is almost $1 billion. Gutseriev estimated his own investments in Russneft at $947 million.

On May 21, 2015, the Federal Antimonopoly Service (FAS) of Russia determined that the Glencore-Russneft deal does not require prior approval as required by the foreign investment law. The head of the FAS Foreign Investment Control Department, Armen Khanyan, said then that the agency came to this decision after Glencore refused to increase its stake in the strategic business company.

As a result, Glencore will receive 46% of Russneft instead of the previously planned 49% of shares.

“We just calculated correctly and that’s all,” Gutseriev said on this occasion on Thursday.

At the end of February, Glencore sent a petition to the FAS to receive a 49% stake in Russneft. The petition was supposed to be considered for 30 days, but at the end of March the FAS suspended its consideration. In early April, the FAS reported that the deal required approval by the government commission on foreign investment.

Glencore owns large minority stakes in Russneft subsidiaries. In mid-March, Gutseriev said that Glencore should receive a 49% stake in the parent company based on the merger of Russneft and Neftisy under the Russneft brand. At the same time, the remaining 51% of the company’s shares were to remain with Gutseriev’s structures.

Glencore's share in the merged company could be 15-20%, Gutseriev said on Thursday.

Russneft converts $1 billion debt to Glencore into 46% of its shares