RUSAL starts process to move to Russian jurisdiction

MOSCOW, Aug 17 (PRIME) -- Jersey-registered Russian aluminum giant UC RUSAL, hit by the U.S. sanctions, is considering changing its jurisdiction and becoming a resident of one of the country’s special administrative regions, the company said on Friday.

“The board of directors decided that such a change of registration will on the whole serve the best interests of the company and its shareholders and approved a start of its preparatory process,” RUSAL said.

A government source said in June that RUSAL could become a resident of one of the special administrative regions that will be created the Russky Island near Vladivostok and in the Oktyabrsky Island near Kaliningrad.

On Thursday, the board of directors of En+ Group of tycoon Oleg Deripaska approved a transfer of En+ Holding Limited, a subsidiary in charge of the group’s power industry assets, from jurisdiction of Cyprus to one of Russia’s special administrative regions.

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