23 Apr 2018 16:30

U.S. Treasury may lift sanctions from Rusal if Deripaska gives up control

MOSCOW. April 23 (Interfax) - The U.S. Treasury may lift sanctions restrictions from Rusal if principal owner Oleg Deripaska is no longer in control of the company, a statement published by OFAC on Monday said.

Deripaska currently owns 48.13% of Rusal. He could have increased his stake to 56.88% by converting an 8.75% stake in Rusal owned by Glencore into global depositary receipts for shares in En+, which is 66%-owned by Deripaska, however Glencore pulled out of the deal as soon as sanctions were imposed.

"Consistent with OFAC regulations, parties may be removed [from the SDN list] by demonstrating a change in the circumstances that led to their designation. In the case of Rusal, absent other adverse information and consistent with the facts and circumstances of any petition for delisting, the path for the United States to provide sanctions relief is through divestment and relinquishment of control of Rusal by Oleg Deripaska," OFAC said.