OFAC sanctions against UC Rusal, En+ to be removed in 30 days

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) plans to remove sanctions against UC Rusal and En+ Group in 30 days due to significant restructuring and corporate governance changes, it said in a notice.

Russian oligarch Oleg Deripaska will remain sanctioned, however, and his property will remain blocked. “Treasury sanctioned these companies because of their ownership and control by sanctioned Russian oligarch Deripaska, not for the conduct of the companies themselves. These companies have committed to significantly diminish Deripaska’s ownership and sever his control,” US Treasury Secretary Steven Mnuchin said. “OFAC maintains the ability under the terms of the agreement to have unprecedented levels of transparency into operations." Sanctions were imposed against both Rusal and En+ on April 6, along with ESE, a wholly owned subsidiary of En+. The move helped propel the US P1020 Midwest premium to a multiyear high of 22-23 cents per lb on April 10, its highest level since February 2015. It has...

Published

Andrea Hotter

December 19, 2018

19:06 GMT

New York