Contents tagged with Rusal company

  • US Treasury Department lifts sanctions from three Deripaska companies

    On Sunday, the US Treasury Department announced that it was lifting the sanctions previously imposed on three companies associated with Russian oligarch Oleg Deripaska: US Rusal PLC, En + Group PLC and JSC EuroSibEnergo.

    The decision was made despite the demands of Democrats in Congress to keep the restrictions imposed on these companies. Earlier, Republican legislators who hold the majority in the Senate blocked an attempt to keep the sanctions in effect.

    According to the administration, …

  • European ambassadors urge US to lift sanctions from Deripaska’s companies

    European diplomats in the US have called for En+ and Rusal, two companies belonging to the Russian tycoon Oleg Deripaska, to be removed from the sanctions list, according to a letter to Chuck Schumer, leader of the democratic minority in the US Senate. 

    The document, which was published by the European foreign policy service on Friday, January 11, was authored by ambassadors from Austria, Germany, Ireland, Italy, the UK, France and Sweden, Deutsche Welle reports. 

    The authors believe that …

  • US Treasury gives companies of Russian tycoon Deripaska extra grace period

    The Office of Foreign Assets Control of the US Treasury Department has once again postponed the deadline by which US investors have to dispose of EN+ and UC Rusal shares and bonds, the department announced on its official website.

    “EN+ and RUSAL have approached the U.S. Government about substantial corporate governance changes that could potentially result in significant changes in control. To allow sufficient time for review, we are extending these licenses until November 12,” the report …

  • Russian tycoon Deripaska disagrees with the USA’s conditions for removing his company RUSAL from the sanctions list

    Oleg Deripaska, Russian oligarch and President of United Company RUSAL disagreed with the conditions set by the US Treasury Department for removing the aluminum company from its sanctions list, RBC news agency reports citing its source who is familiar with the process. “The conditions set by OFAC (the US Treasury Department’s Office of Foreign Assets Control) are unacceptable and make no economic sense. It is not possible to accept them,” the source said.

    RBC reports that a source in the …

  • US sanctions force Russian tycoon Deripaska to resign from the board of directors of Rusal

    Russian businessman Oleg Deripaska decided to leave the Board of Directors of En+ Group, which is the largest shareholder of aluminum producer Rusal, Deutsche Welle reports.

    The website of En+ Group reports that on Friday, May 18, at the meeting of the Board of Directors at the end of which his Chairman Gregory Barker accepted Mr. Deripaska's resignation, the Board unanimously endorsed the proposals aimed at lifting sanctions against En+ and its subsidiaries.

    It is noted that the so-called …

  • London Stock Exchange refuses to resume trading of aluminum produced by Deripaska's Rusal

    The London Metal Exchange (LME) will maintain temporary restrictions on the sale of aluminum by Rusal until procedures for determining the metal’s conformity to the US Treasury Department’s Office of Foreign Assets Control (OFAC) General License 14 (GL-14) are determined, TASS news agency reports, citing the press representative of the Exchange.

    "The LME has analyzed the implications of OFAC General License 14 (GL-14) for Rusal brand metal. The LME understands that there are concerns in the …

  • The US Treasury Department gives investors another month to liquidate assets in sanctioned Russian companies

    The US Treasury Department extended the period during which US investors should get rid of shares of Russian companies En+, Rusal and GAZ Group, which are under Washington's sanctions. Investors had until May 7 to do this but the deadline was extended to June 6. They should also wind down contracts with companies on the sanctions list.

    On May 1, a new document extended permission to get rid of holdings in AgroHolding Kuban, Basic Element Limited, B-Finance Ltd., JSC EuroSibEnergo, Gazprom …

  • US Treasury Department: Reduction in Deripaska’s share in his company not sufficient to exclude it from sanctions list

    "A reduction in the share of ownership [of the company] by a person under sanctions is not necessarily a basis for excluding [the company] from the sanctions list," RBC news agency reports, citing an official US Treasury Department spokesperson.  

    According to the source, OFAC (the Office for Foreign Assets Control, a subdivision of the Treasury Department) "conducts a thorough analysis of the facts and circumstances of each request for exclusion [from the sanctions list) and does not discuss …

  • Russian companies under sanctions ask Kremlin for $1.6 billion in aid

    The Russian companies suffering from the most recent round of US sanctions have asked the government for roughly 100 billion rubles ($1.6 billion) in assistance, reported Russian Finance Minister Anton Siluanov.

    According to him, in one of the ministries a structure will be created that will communicate directly with the enterprises under sanctions, including Rusal and the power stations that service it, and draft proposals for the government on the basis of the received information.

    The …

  • Kremlin considers helping companies that have been hit by US sanctions

    The Press Secretary of the Russian President, Dmitry Peskov commented on the proposal of the Head of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin to temporarily nationalize Rusal, a Russian company that fell under US sanctions.

    Peskov noted that the Cabinet of Ministers, on behalf of Chairman of the Government Dmitry Medvedev, is engaged in providing possible support to companies who are faced with the pressure of the sanctions. He noted that this topic is " …