The U.S. Treasury Department lifted sanctions on three firms tied to Russian tycoon Oleg Deripaska, including United Co. Rusal, a move that will provide relief to the global aluminum market. The metal slumped.
Deripaska, an ally of Russian leader Vladimir Putin, will remain under U.S. sanctions, and his property will remain blocked. But the Treasury Department is removing restrictions on Rusal, EN+ Group Plc and EuroSibEnergo JSC.
Opening Day Of The St Petersburg International Economic Forum 2017
Oleg DeripaskaPhotographer: Simon Dawson/Bloomberg
“The companies have also agreed to unprecedented transparency for Treasury into their operations by undertaking extensive, ongoing auditing, certification, and reporting requirements. All sanctions on Deripaska continue in force,” the Treasury’s Office of Foreign Assets Control said in a release.
In a separate statement, EN+ announced the addition of seven independent directors to its board, as well as a securities swap with Ivan Glasenberg’s Glencore Plc. Under the deal, the London-listed commodity trader will get global depositary receipts representing 10.55 percent of EN+’s enlarged share capital in exchange for its existing 8.75 percent stake in Rusal.
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