The US Treasury Department said on Sunday that it had lifted sanctions imposed on Rusal (Rusal) and En+ in April, supporting the agreement reached between Deriposca and En+ in the past nine months to exempt two companies once controlled by oligarch Deripasca from trade restrictions. Despite opposition from Democratic lawmakers and Russian hawks in Washington.
Last week, the House of Representatives suffered a setback in Washington in its efforts to block the Treasury's decision.
Texas Representative Lloyd Doggett (Lloyd Doggett), who has been at the forefront of the opposition, issued a harshly worded statement on Sunday, saying that the Trump administration ignored the opposition of the House of Representatives to the dirty deal. Refused to let Minister Mnuchin (Steven Mnuchin) testify and tried to pre-empt the Senate's opposition in favor of Russia.
Proponents of the agreement argue that the agreement is both in line with the initial objectives of the sanctions and will avoid disrupting the global supply chain in the aluminium and alumina markets. Avoid having a serious impact on the wider economy, including carmakers and airlines.
En+ appoints new independent board member the Ministry of Finance has the right to re-impose sanctions
When Rusal, the world's largest aluminium company outside China, was first sanctioned last year, the prices of both aluminium and alumina, the materials used to make aluminium, rose sharply. Aluminium plants in Ireland, Scotland and other European countries were also quickly threatened before the US Treasury agreed to freeze some of the measures.
Under the sanctions lifting agreement, Mr Deripasca's direct stake in Rusal and En+ will fall below 50 per cent, a move aimed at cutting off his control of the two companies. He will hold only 35 per cent of the voting rights in the company.
After the Treasury Department announced the decision, En+ on Sunday appointed new independent board members, including former United Nations and State Department official Christopher Bancroft Burnham (Christopher Bancroft Burnham),. He has also worked in banking and private equity.
Nicholas Jordan (Nicholas Jordan), who helped manage Goldman Sachs'(Goldman Sachs) and UBS (UBS) 's Russian operations during his 30-year banking career, will also join the En+ board. Lord (Lord Barker of Battle), a former British energy secretary and chairman of the En+, has worked closely with the US Treasury to lift sanctions against Iran.
The committee is currently composed of eight first-class independent directors who together have the necessary skills and experience to work with the Office of Foreign assets Control to implement a strong new reporting and verification system.
The Treasury Department defended the benefits of the deal, saying the plan would give the Treasury the right to re-impose sanctions on all three of its companies if Mr. Deriposca tries to regain control.
Deripzka is still subject to sanctions-unable to obtain company-related dividend payments
Deripzka laid the foundation for his business empire in the so-called "aluminum war" after the collapse of the Soviet Union. He has long been a controversial figure.
Last year, he was targeted last year, along with other oligarchs and companies, as part of sanctions designed to punish Russia for its "vicious" actions, including attempts to influence the US election.
Although the US Treasury has now lifted restrictions on his two main companies, he is still subject to sanctions and will not be able to receive dividends related to those companies.
As a result of the sanctions, his personal wealth fell by $2 billion to $3 billion, according to people familiar with the matter. Part of his stake will be transferred to (VTB), a Russian foreign trade bank, which will sell the shares to repay the oligarch's debt to the financial institution. The Russian Foreign Trade Bank itself has also been subject to a number of sanctions by the United States. They also point out that any future dividends Mr Deripasca receives from En+ will be deposited into a frozen bank account until he is also removed from the sanctions list.
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