US again delays sanctions against En+, RUSAL, GAZ till January 7

MOSCOW, Nov 12 (PRIME) -- The U.S. Treasury Department has again delayed the deadline for U.S. companies and individuals to terminate operations with shares and debt of Russia’s UC RUSL, En+ Group, and GAZ Group till January 7, 2019, the Office of Foreign Assets Control (OFAC) of the Department said in a statement late on November 9.

On April 6, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies, including tycoon Oleg Deripaska and his companies – multi-industry holding En+ Group, carmaker GAZ Group, holding Basic Element, and aluminum giant RUSAL – among others.

The implementation date for En+ Group and RUSAL was postponed several times. Initially, U.S. individuals and companies were to sell shares and debt before May 7 and terminate all existing compacts before June 5.

The U.S. Treasury Department also mentioned significant changes in corporate management over En+, RUSAL, and GAZ, which may lead to changes in their ownership.

On November 1, the board of directors En+ appointed Vladimir Kiryukhin as its CEO and Vyacheslav Solomin as its COO. The board also ordered the company’s management to prepare documents for a general meeting of shareholders that should discuss measures under the so-called Barker Plan, which includes appointment of new directors and changes in management in accordance with ideas discussed with the U.S. Treasury Department.

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