US may cancel sanctions vs GAZ Group if Deripaska cedes control

MOSCOW, May 23 (PRIME) -- The U.S. Department of Treasury may lift sanctions from Russian automaker GAZ Group if Oleg Deripaska cedes control of the company, the Office of Foreign Assets Control (OFAC) said late Tuesday.

Similar guidance was previously issued related to aluminum giant UC RUSAL.

On April 6, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies Deripaska and companies under his control – En+ Group, GAZ Group, Basic Element, and RUSAL.

The Treasury also extended the deadline for U.S. investors to wind down their business with GAZ Group until October 23 from June 6 expected earlier.

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