The United States will lift sanctions against «RUSAL» Deripaska

The US Treasury said it was ready to lift sanctions against UC Rusal, owned by Russian oligarch Oleg Deripaska, if he agrees to reduce its stake in the company from 70% to 44,95%. The «excess shares» oligarch can only be transferred to companies which are not under us sanctions.

Treasury has notified Congress of intent to delist, EN+, Rusal, and EuroSibEnergy. Companies have agreed on framework to sever control of Russian oligarch Oleg Deripaska, who remains sanctioned https://t.co/CyuJa9oxWn

— Treasury Department (@U. S. Treasury) December 19, 2018

A preliminary agreement between the U.S. Treasury and Rusal has already been achieved. Such agreements have two other companies of Deripaska, En + group and EuroSibEnergo. According to a statement on the website of the U.S. Treasury, if these three companies fulfill the terms of the agreement, Deripaska will cease to own them in packages more than half the U.S. withdraws them from the sanctions list in the next 30 days.

The United States will lift sanctions against «RUSAL» Deripaska

Rusal is the world’s largest non-Chinese producer of aluminium, an important partner of many European and American companies. Why sanctions against this Russian structure was introduced only this spring (sanctions pressure on the Russian business began in 2014 after the Russian invasion in Ukraine). Even for six months sanctions against Rusal has led to a significant increase in the price of aluminium is its price high for the last seven years.

Today’s news has led exchanges to lower prices for the metal, as well as the growth in the prices of the shares of Rusal — a possible buyer of the «excess shares» Deripaska will probably have to shell out if the deal is still not closed.

The statement of the Ministry of Finance emphasizes that we are not talking about lifting sanctions personally from Oleg Deripaska: «Deripaska will remain on the SDN list. All property and interests of Deripaska in property, including entities in which it owns 50 percent or more, will remain locked. Deripaska’s investment in these companies is actually frozen, and Deripaska can not receive money in exchange for their shares and no future dividends, issued to En +, Rusal or ESE. Foreign persons will still be subject to secondary sanctions, if they knowingly facilitate an important deal for Deripaska. US persons will still be prohibited to deal, directly or indirectly, with Deripaska or any other nominated person».

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