Deripaska refused to get out from under sanctions

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Oleg Deripaska Photo: Alexei Druzhinin / RIA Novosti

The owner of the holding company En+ group and the aluminum company “RUSAL” Oleg Deripaska has not agreed to the terms of the us authorities for the removal of sanctions on their assets, says RBC.

Requirements of the office for foreign assets control of the United States (OFAC) Deripaska were deemed “impracticable and frankly onerous” and the Agency’s position is “not constructive”, according to sources in both companies tycoon.

According to them, negotiations with Washington will likely come to a standstill. Thus, the essence of the OFAC requirements of En+, and RUSAL was not disclosed.

At the end of July it became known that negotiations with OFAC and the U.S. Treasury to lift sanctions leads the head of the Board of Directors of En+ (owns a controlling stake in RUSAL) Lord Gregory Barker. He made a plan of the three points, suggesting a decline in the share of Deripaska in En+ below 50 percent (now 70), the businessman from the boards of both companies, and replace its representatives on the independent Directors. The share of Deripaska and his family will be transferred to the trust management structures, which will appoint us Treasury. He will oversee the process.

About the availability of the plan was even Secretary of the Treasury Steven Mnuchin. According to him, the main goal of sanctions against En+, and RUSAL was to “change the behavior of the oligarch”.

It was reported that OFAC has adopted a plan for the Barker, giving him extra time to perform all of its obligations. However, in response Washington has proposed additional requirements, which En+ is not accepted.

May 18, Deripaska has left the Board of Directors of En+, after which the United States extended the period transactions with its companies to U.S. residents until October. August 2 was postponed and the deadline by which U.S. investors are required to get rid of shares of En+ and RUSAL. Now it’s October 23.

Deripaska’s company along with other Russian enterprises and private individuals came under another wave of us sanctions on 6 April. They are forbidden to export products to the United States, and their partners all over the world also threaten constraints in “significant transactions” with them.

Video, photo All from Russia.



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