US Treasury postpones deadline on Deripaska sanctions again

US Treasury postpones deadline on Deripaska sanctions again

US Treasury postpones deadline on Deripaska sanctions again

By bne IntelliNews August 2, 2018

The US Treasury Department (USTD) again prolonged the deadline for shedding assets and borrowings of companies of sanctioned Russian tycoon and Kremlin insider Oleg Deripaska to October 23. Energy major En+, its subsidiary aluminium producer Rusal, and carmaker GAZ are affected.

This makes the fourth extension of the lifeline thrown to Deripaska by the treasury, with deadlines previously being set for May 7, June 6, and August 5.

Most recent reports indicated that En+ and Rusal are close to reaching an agreement with the US Treasury Department on removing the sanctions that have riled the company since April. US Treasury Secretary Steve Mnuchin said that the goal was "not to put Rusal out of business."

The En+ lobbyist in Washington Mercury in the end of July requested to pause the sanctions. Mercury reported to OFAC (Office of Foreign Assets Control) that Deripaska has resigned from the board of En+, committed himself not to seeking re-election as a director of Rusal, and had the CEO and seven directors he appointed in Rusal, and a president and a director in En+, all resign.

The lobbyist requested a brief relief from sanctions so En+ can finalise the last measures, such as converting Rusal shares of commodity trading major Glencore into En+ shares, as well as to "discharge an existing loan" held by Russian state-controlled bank VTB, and continue work "with Mr. Deripaska and his family to transfer their assets to approved organisations or trustees."

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