WORLD US lifts sanctions on blacklisted Russian tycoon's companies


US lifts sanctions on blacklisted Russian tycoon's companies


10:47, January 28, 2019

The US Treasury Department lifted sanctions Sunday on Russian aluminum giant Rusal and two related companies after blacklisted billionaire Oleg Deripaska took action to sharply cut his stake in them.


The US has accused Oleg Deripaska of operating for the Russian government. (File Photo)

Rusal, EN+ Group Plc and EuroSibEnergo JSC have "reduced Oleg Deripaska's direct and indirect shareholding stake... and severed his control," the Treasury's Office of Foreign Assets Control (OFAC) said in a statement.

"The companies have also agreed to unprecedented transparency for Treasury into their operations by undertaking extensive, ongoing auditing, certification, and reporting requirements."

The delisting -- first announced in December -- came as the companies sought to avoid being locked out of global markets due to their close association with Deripaska.

The sanctions banned Americans and organizations with US divisions, such as many global banks, from doing business with the companies and froze Deripaska's personal assets in US jurisdictions.

"All sanctions on Deripaska continue in force," the OFAC said.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue