The US lifted sanctions on RUSAL, En+ group and EuroSibEnergo

The US lifted sanctions on RUSAL, En+ group and EuroSibEnergo

Moscow. 28 Jan. INTERFAX.RU — Oleg Deripaska — the largest shareholder of the companies, remains under the sanctions.

Office of Foreign Assets Control (a division of the U.S. Treasury, responsible for law enforcement in the area of sanctions) was expelled En+, RUSAL and EuroSibEnergo from the sanctions list where they were sitting since 6 April last year.

However, their largest shareholder Oleg Deripaska remains under sanctions, the report said the Ministry of Finance.

Sanctions are cancelled the day before the full entry into force: delay, last extended on January 21, operated until January 28.

In its report, the authority did not provide new details of the output circuit of Deripaska’s companies from the sanctions, except those that have already been disclosed on December 19.

The share of Deripaska in the holding structure of En+ shall be reduced from 70% to 44,95%, while the vote he will be able not more than 35% of the shares. Part of a scheme to reduce the share of Deripaska in En+ the implementation will be suspended after the imposition of sanctions of the transaction, in which the Swiss trader Glencore change its share in “RUSAL” on the package in En+. Glencore, one of the founders and parties to the agreement of shareholders of RUSAL, owns 8.75 per cent of the aluminum company; this package Glencore had planned to convert into GDR En+, but after just a few days after the decision of the OFAC canceled the deal.

VTB or other structure not included in the SDN list, will receive shares in Deripaska’s En+, being in pledge at Bank. Simultaneously, OFAC announced that VTB will give the right to vote on shares of En+, which he will receive “independent third party”. Subsequently, En+ was called names a Trustee, who will vote these shares is US citizens David Noer (David Knower), David crane (David Crane) and D. J. Baker (D. J. Baker).