OFAC: US can remove RUSAL from blacklist if Deripaska cedes control

MOSCOW, Apr 23 (PRIME) -- The U.S. can lift sanctions against Russian aluminum producer UC RUSAL if businessman Oleg Deripaska cedes the control, according to documents of the Office of Foreign Assets Control (OFAC) seen by PRIME on Monday.

The Treasury Department also prolonged a term for U.S. citizens and companies to terminate all contracts and finish the cooperation with RUSAL until October 23 from May 7. The stipulation does not concern transactions with RUSAL’s securities.

“RUSAL has felt the impact of U.S. sanctions because of its entanglement with Oleg Deripaska, but the U.S. government is not targeting the hardworking people who depend on RUSAL and its subsidiaries,” the authority said citing Treasury Secretary Steven Mnuchin. “RUSAL has approached us to petition for delisting. Given the impact on our partners and allies, we are issuing a general license extending the maintenance and wind-down period while we consider RUSAL’s petition.”

RUSAL’s shares grew 13.3% on the Moscow Exchange at 3:04 p.m. Moscow time.

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