USA will help Deripaska to get out from under sanctions

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Oleg Deepercutt: Alexander Koryakov / Kommersant

The holding company En+, which owns a controlling stake in Rusal, was asked to exclude him from the sanctions list of the US Department of justice before Oleg Deripaska will reduce the proportion of their ownership. About it writes RBC with reference to the materials of the lobbying firm the Mercury group.

A letter to the us authorities was sent by the Chairman of the Board of Directors of En+ Lord Gregory Barker. Legal support for them, in addition to Mercury, having the investment Bank Rothschild.

Plan Barker provides not only a reduction in the share of Deripaska and members of his family (they now own 70 percent of En+ group), but also the transfer of the package in trust management to individuals or companies who choose Office of foreign assets control of the United States (OFAC). The businessman and his representatives will come from the boards of Directors of En+, and Rusal. They will be replaced by “absolute majority” of independent Directors. The process of transfer of assets will control two representatives from OFAC.

In addition, to remove from the management of companies is invited Deripaska, and the state Bank VTB, which is also owned shares. The right to vote can pass some “independent entity that OFAC has already been presented on 5 July”. The loan from VTB it is proposed to restructure.

In the letter, Barker says that in case of refusal of the American authorities to lift sanctions against En+, and Rusal, the situation threatens to turn into interruptions in the supply of aluminium on the global market, “global shocks” in the automotive and shipbuilding industry and refocusing of manufacturers on China, which Washington is a trade war.

Of availability of a plan for the withdrawal of En+ under sanctions, it became known on July 23, when it told the Treasury Secretary Steven Mnuchin. Then its details were not disclosed.

In may, Washington announced the possibility of lifting the sanctions against companies Deripaska, provided that he abandons control over them. On may 18 the businessman left the Board of Directors of En+, after which the Ministry of Finance extended the deadline for the conclusion of transactions with the companies of Deripaska for U.S. residents until October.

Sanctions against Deripaska and his assets were introduced on 6 April. The company was imposed a ban on the export of products in the United States, which accounts for a substantial share of supply. In addition, “significant transaction” with them to companies around the world also face sanctions.

Video, photo All from Russia.

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