“RUSAL” has decided to return to Russia

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Photo: Eugene Novozenina / RIA Novosti

The Board of Directors of the company “RUSAL” has made decision about re-registration from the island of Jersey (channel Islands) on the territory of Russia. This is stated in the message of the company on the Hong Kong stock exchange.

“At the meeting of the Board of Directors held on 2 November, the decision was made to continue the activities of the company in the territory of the Russian Federation. After careful consideration the Board decided that the execution of the Russian law “On international companies” and “special administrative districts in territories of the Kaliningrad region and Primorski Krai” in the interests of the company and its shareholders,” the company explained.

On 3 August the President of Russia Vladimir Putin signed the package of laws on creation of offshore zones on island Russian in Primorski Krai and the Oktyabrskiy island in Kaliningrad region. Residents of offshore zones can become foreign-owned companies established before 1 January 2018 and was abroad. They will get tax exemption for income from the sale of shares and received dividends and a reduced rate of five per cent on the outgoing. In addition, they will not be able to disclose corporate information — access to it will receive only the Russian authorities and the court.

En+, together with UC Rusal fell under the sanctions of the U.S. Treasury, introduced on 6 April. They are forbidden to export their products to the American market (the main Russian aluminium) and do business with American residents. Later, the U.S. government announced that it would lift the restrictions if Deripaska will reduce its ownership stake in En+ to 40 percent. The businessman withdrew from the governing bodies of En+ and UC Rusal, as the company is negotiating with Washington on the transfer of the package to Deripaska in trust.

Video, photo All from Russia.

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