The U.S. Department of Treasury told Congress this week it will remove sanctions imposed on three Russian companies tied to Russian businessman Oleg Deripaska, United Co. Rusal (major bauxite miner and aluminum smelter), its parent EN+ Group and JSC EuroSibEnergo (a Russian energy company).
Rusal said it welcomes the Treasury’s decision and will continue to do everything that is necessary to return the company to regular working conditions.
Deripaska will remain under sanctions, but the companies agreed to a deal that severs his ties with them, which will result in them being removed from the Treasury’s blacklist. The matter is expected to be resolved in the next 30 days.
The agreement requires Deripaska to reduce his ownership stake in EN+ to 44.95% from 70%, and he is prohibited from increasing his stake. He has little or no direct ownership in Rusal or EuroSibEnergo.
Deripaska’s voting rights in EN+ will also be limited. The company will create a 12-person board mostly independent of him and he will be bound to commitments severing his ability to control the company.