US Treasury Dept to lift sanctions from En+, RUSAL in 30 days

MOSCOW/WASHINGTON/BEIJING, Dec 20 (PRIME) -- The U.S. Department of the Treasury intends to lift sanctions from Russian power companies En+ Group and EuroSibEnergo, and aluminum giant UC RUSAL of businessman Oleg Deripaska in 30 days, but will retain sanctions against Deripaska personally, it said in a statement late on Wednesday.

“The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today notified Congress of its intention to terminate the sanctions imposed on En+ Group, UC RUSAL, and EuroSibEnergo in 30 days. OFAC has determined that the significant restructuring and corporate governance changes will enable them to meet the criteria for delisting. Russian oligarch Oleg Deripaska will remain sanctioned, and his property will remain blocked,”

The authority sanctioned these companies because of their ownership and control by Deripaska, not for the conduct of the companies themselves. These companies have committed to significantly diminish Deripaska’s ownership and sever his control, it also said.

RUSAL shares jumped 25% on the Hong Kong Stock Exchange at the opening.

Reuters reported that the London Metal Exchange (LME) proposed to lift its suspension on aluminum produced by RUSAL if U.S. sanctions are lifted.

The price for aluminum reached U.S. $1,910 per tonne, the record low from August 2017, on the LME as of 8:19 Moscow time thanks to the news, as seen by PRIME.

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