Tuesday , February 7 2023

US suspends sanctions against Russian tycoon


<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) -sm Mt (0.8em) – sm" type = "text" content = "WASHINGTON (Reuters) said it was postponing the enforcement of sanctions on Russian companies EN + , Rusal <0486.HK> and Gas PAO "data-reactid =" 22 "> (Washington, AP) According to the New York Times (NYT), the United States has sanctions on Russian businessmen EN + And to postpone execution. , Rusal <0486.HK> Gas PAO The largest shareholder worked for nearly four weeks on a plan to reduce his stake.

The US Treasury issued a Russian big game to Russia's bigger Oleg Deripaska by December 12 to reduce its stake in three companies, but the deadline was announced on January 7, 2019.

"EN +, RUSAL and GAZ are proposing substantial changes in corporate governance that could potentially make a significant difference in the control of these companies," the statement said in a statement explaining why the deadline was postponed.

Rusal, En + and GAZ refused to comment.

The US Department of the Treasury cited Deripaska and Russia 's "malicious behavior" last April to impose sanctions on several major shareholders and Deripaska' s own past criminal charges.

The toughest sanctions since Moscow's merger with Crimea in 2014 have been postponed several times, including the sale of shares of the company in consideration of the plans of Deripaska, making it no longer possible to exercise control.

Rusal and his parent, En + Group, have recently joined the company as part of their negotiations with Washington on mitigating US sanctions, seeking directors and management unconnected with Deripaska in recent months.

Rusal has been CEO since last Friday May and has named Evgenii Nikitin, formerly chief of the aluminum division, as CEO. En + has also appointed a new CEO.

According to a statement released on the US Treasury website, Friday's move was to endorse the licenses associated with the licensed company and approve the activities necessary to withdraw operations or contracts, the company said in a statement on the US Treasury website. We also extend our licenses to approve the transactions we need to dispose of our debt, equity and other assets.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" Rusal is the world's second-largest producer after China's Hongqiao <1378.HK>. Japan's top aluminum rolling company, UACJ Corp. <5741.T>, said on Nov. "Data-reactid =" 31 "> Concerns about the impact of the sanctions on Rusal disrupted the aluminum market. Rusal was followed by Hongqiao in China It is the second largest producer in the world. <1378.HK>. Japan's leading aluminum rolling company, UACJ Corp <5741.T>Said on November 1 that Rusal is being removed from its list of suppliers by 2019 due to uncertainty about sanctions.

(Tim Ahmann and Susan Heavey of Washington, Nathan Layne of New York, Polina Devitt of Moscow, and Susan Thomas)

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