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America lifted sanctions on Oleg Deripaska’s companies

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America lifted sanctions on Oleg Deripaska’s companies
January 28
09:00 2019

The US Treasury has removed Rusal, EuroSibEnergo and En + from the sanctions list. Despite getting rid of restrictions, the company’s main shareholder Oleg Deripaska will remain under sanctions.

Restrictions were removed the day before their full entry into force.

Mr. Deripaska’s share in En + has decreased to 44.95%. The frozen transaction with Glencore on the exchange of  Rusal’s securities for the shares of En + will not be carried out. Glencore canceled it after the reports from the Ministry of Finance.

Oleg Deripaska’s shares in En + will be transferred to Ministry of Financeor another organization, which is not in the SDN list. The right to vote on them will be given to three US citizens – David Noyer, David Crane and DJ Baker.

Initially, VTB featured in reducing Mr. Deripaska’s share in En +.  Now the bank owns 9.6% of the company’s shares.

Together with the US Treasury, En + will form a new Board of Directors. Half of them will be citizens of America or Britain who have experience in managing large companies. Mr. Deripaska will be able to submit 4 candidates out of 12.

After reducing the share in En +, the Russian businessman will neither receive the funds nor get an opportunity to count on dividends from the remaining package.

Many congressmen were unhappy with the decision of the Ministry of Finance to lift the sanctions. Their efforts allowed delaying the process for 10 days, but they could not completely stop it.

 

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

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