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 Barker Plan (proposals of Board Chairman Gregory Barker) seeks to both reduce Deripaska's ownership below 50% and to end his influence over the Board through appointment of independent directors. After the meeting, Barker reiterated Deripaska's commitment not to seek re-election as a director of Rusal.

In early April, the United States imposed sanctions against several Russian, officials and companies businessmen from so-called “Kremlin report”. Rusal and En+ of Oleg Deripaska fell under these US sanctions. The US Treasury on April 23 admitted the possibility of easing sanctions against Rusal, if Deripaska cedes control of the company.

Then the group of companies En+, being the controlling shareholder of Rusal, informed that Deripaska agreed to leave its Board of Directors and is ready to reduce his stake in the company to below 50 percent. But the US Treasury has stated that this step by itself and in itself is not a basis for the exclusion of the company from the sanctions list.

  Deripaska, EN+ Group, Rusal company, Greg Bark, Kremlin report, US Treasury