July 7, 2020, 2:30


US Treasury Extends Deadline for Dropping Deals With Sanctioned Russian Entities

US Treasury Extends Deadline for Dropping Deals With Sanctioned Russian Entities

WASHINGTON (Sputnik) – The United States has extended the expiration date for companies to wind down business with RUSAL, EN+ and GAZ another month until January 7, 2019, the US Treasury Department said in a press release on Friday.

“EN+, RUSAL, and GAZ are proposing substantial corporate governance changes that could potentially result in significant changes in control of these sanctioned entities,” the release said. “As the review of these complex proposals is ongoing, OFAC is extending the expiration date of related licenses until January 7.”

The US Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned EN+ for being owned or controlled by Oleg Deripaska, and RUSAL for being owned or controlled by EN+.

After the sanctions and a drop in his companies’ shares, Deripaska stepped down as director of RUSAL in May and left the EN+ Group’s Board of Directors.

In August, the US Treasury Department said it might consider lifting sanctions on RUSAL or EN+ if Deripaska was completely removed from any ownership or control of the companies.

READ MORE: US Sanctions Won’t Affect Energy Supplies to Crimea — Russian Energy Ministry

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