En+ Group asks for temporary US sanctions suspension

MOSCOW, Jul 25 (PRIME) -- En+ Group is asking the U.S. to suspend the sanctions against the holding until it completes a plan elaborated by Chairman of the Board of Directors Greg Barker, the condition for a full sanctions removal, according to a statement released Wednesday by Mercury representing En+ Group’s interests.

Mercury said that suspension of the sanctions on August 5 or earlier would allow En+ Group to introduce independent directors to En+Group’s board and reduce the stake of businessman Oleg Deripaska below 50%.

The Barker plan also includes conversion of a Glencore stake in RUSAL into an En+ Group’s interest.

The U.S. Treasury imposed sanctions against billionaire Oleg Deripaska and eight companies in which he is a large shareholder, including RUSAL, in April in response to what it called “malign activities” by Russia.

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