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US Treasury further postponed sanctions against Oleg Deripaska’s companies

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US Treasury further postponed sanctions against Oleg Deripaska’s companies
October 16
13:00 2018

The US Treasury Department has postponed sanctions regarding En+ Group and Rusal controlled by Oleg Deripaska.

Now you can work with these companies until December 12. For the remaining period, investors from America must transfer their shares into debt obligations.

The last extension was less than a month ago, but the reason remained the same: “En+ and Rusal showed the US authorities evidence of changes in management that would replace the control. Oleg Deripaska’s share has declined. It should be noted that it was him against whom the sanctions were directed.

In April, the companies of Mr.Deripaska were on the list of SDN. Their assets were frozen and transactions in the States were prohibited. The counterparties’ activities of disgraced companies around the world were also limited.

The company En+, through which the Russian businessman controls Rusal, has developed a competent plan to free itself from the sanctions. During its implementation, Mr. Deripaska resigned as Chairman of the Board of Directors at En+ and Rusal. Except for him, another 7 people left the Board. Maxim Sokov (Deripaska’s authorized representative) vacated the post as President of En+ Group.

It was summer when Mercury, through which En+ was in contact with the US authorities, requested to temporarily remove the company from the SDN list. It was necessary to introduce independent members to the Board and reduce the share of Mr. Deripaska.

The anti-sanctions scheme of the company En+ also included the exchange of the Glencore share in Rusal for the En+ stake. The procedure was suspended after the introduction of sanctions.

We recall that in August this year it became known about the plan of Oleg Deripaska to remove companies from restrictions. It was planned to reduce the share in En+ from 70% to 45% by transferring the securities to VTB, which now owns almost 10% of En+. The bank will own the securities until the sanctions are lifted.

Recently, there was a message from the Bloomberg agency, stating that the decline in the share of the Russian businessman did not provide for a further increase in the VTB stake.

The last delay of the sanctions was justified by the fact that the formation of agreements with the regulator would take a long time.


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

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