Report: Russia's Deripaska empire bets on plan to escape sanctions - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Report: Russia's Deripaska empire bets on plan to escape sanctions

MOSCOW, May 31 (PRIME) -- The aluminum empire of Russian magnate Oleg Deripaska is in close contact with the U.S. Treasury, but needs until mid-summer to come up with a plan to meet U.S. requirements to escape sanctions, Reuters reported on Thursday citing En + chairman Greg Barker.

The U.S. Treasury in April imposed sanctions against billionaire Deripaska and the eight companies in which he is a large shareholder, including giant aluminum exporter UC RUSAL, in response to what it called Уmalign activitiesФ by Russia.

Following pressure to soften its stance from business groups, Washington suggested it might lift the sanctions against RUSAL and parent En+ if Deripaska cut his En+ stake to below 50% and introduced independent board members.

Under the current sanctions, U.S. businesses need to wind down aluminum trading with RUSAL by October, while trading in RUSALТs and En+Тs shares and debt should be discontinued by June 5.

Barker told Reuters he had asked the U.S. Treasury to extend the license to carry on trading the shares until September while he works on fleshing out a plan to get En+ and Rusal off the sanctions list.

УWe are seeking an extension of the general license to allow us the time to put together the remaining building blocks in order to present a finalized proposal to the U.S. government by mid-summer,Ф Barker said in a phone interview.

Deripaska controls 66% of En+, which in turn controls 48% of RUSAL. Discussions over reducing DeripaskaТs stake could be complicated by the fact his ex-wife Polina also controls 5.8% of En+.

Barker, who met Irish business minister Heather Humphreys on Thursday, is seeking the support of Ireland to persuade the Treasury to back the plan.

УThe Irish government has been very engaged with RUSAL to find ways in which they can mitigate the impact of sanctions. I will be going (to Dublin) with a very clear message,Ф he told Reuters on Wednesday.

RUSAL is the parent company of Aughinish Alumina in County Limerick, Ireland, which employs around 450 workers. The Askeaton company refines imported bauxite into alumina which is a major ingredient in the manufacturing of aluminum.


31.05.2018 13:55
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 70.7941 +0.1873 20 jul
USD 62.8666 +0.0380 20 jul
Stock Market Indices
1D 1W 1M 1Y
rtsi 1350.69 +0.07 18:50 19 jul
micex 2700.57 -0.07 18:50 19 jul
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 216.00 -1.05 18:49 19 jul
lkoh 5200.50 +0.67 18:49 19 jul
rosn 420.45 +0.83 18:47 19 jul
sber 232.85 -0.82 18:48 19 jul
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 70.6200 +0.1800 14:59 19 jul
USDTD 63.0300 +0.1575 17:44 19 jul