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Dividends of RusAl from Norilsk Nickel are under threat of sanctions The loss of profitable payments will become a severe blow to Oleg Deripaska’s group.

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Dividends of RusAl from Norilsk Nickel are under threat of sanctions The loss of profitable payments will become a severe blow to Oleg Deripaska’s group.
May 31
09:00 2018

In April, the United States imposed sanctions against the Russian aluminum producer RusAl. To withdraw the company from sanctions, the Barker Plan was adopted and implemented, but RusAl has got another problem.

On Friday, the Office of Foreign Assets Control of the US (OFAC), a division of the US Treasury that controls Washington’s sanctions policy, on its website stated that paying dividends to a person on the sanctions list would lead to a re-imposition of sanctions on the payer.

Initially, the mining company Norilsk Nickel saw no fears and risks that could negatively affect the payment of dividends to its owner – the oligarch Oleg Deripaska.

We recall that Norilsk Nickel is one of Oleg Deripaska’s most valuable assets. Last year, the company brought the owner $ 750 million in dividends.

US sanctions limited the opportunity of Norilsk Nickel to do business with the aluminum company RusAl, and non-payment of dividends would be another blow to the business empire of Mr. Deripaska.

The current situation illustrates the seriousness of the consequences of the April sanctions against Oleg Deripaska.

Peter Harrell, a former senior State Department official who developed Russian sanctions in the Obama administration, said the Treasury would allow dividends to be paid to deposit or blocked accounts.

Representatives of RusAl and Norilsk Nickel declined to comment on the situation with the payment of dividends.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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