US treasury postpones sanctions against GAZ Group till November 8

WASHINGTON, Jun 26 (PRIME) -- The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has prolonged the term for exclusion of Russian carmaker GAZ Group from the sanctions imposed on tycoon Oleg Deripaska and the deadline for investors to wind down business with the company until November 8, OFAC said on Wednesday.

On April 6, 2018, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies, including multi-industry holding En+ Group, GAZ Group, holding Basic Element, and aluminum giant UC RUSAL. The authority excluded En+ Group, RUSAL, and power producer EuroSibEnergo from the sanctions in January 2019 after Deripaska had reduced his stake in En+ Group to less than 44.95%.

But the tycoon himself and GAZ Group, which he controls through Russian Machines, remained on the blacklist. Nevertheless, introduction of sanctions was postponed several times, and the deadline for investors to stop doing business with GAZ Group was set at July 6, 2019, until Wednesday.

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