Monday , September 26 2022

The United States is delaying sanctions for Russian companies


<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "WASHINGTON (Reuters) – The United States on Friday said it was postponing the enforcement of sanctions on Russian companies EN + , Rusal <0486.HK> and Gaz PAO (Reuters) – The United States said on Friday that they are postponing the execution of sanctions for Russian companies EN + , Rusal <0486.HK> and Gaz PAO almost four weeks, because their main shareholder is working to reduce the role.

The Treasury Department of the US has given the Russian tycoon Oluja Deripaska to December 12 to reduce his involvement in three companies, but he said in a statement that the deadline was shifted to January 7, 2019.

"EN +, RUSAL and GAZ propose significant changes in corporate governance that could potentially lead to significant changes in the control of these sanctioned entities," Trezor said in a statement explaining why the deadline was postponed.

Rusal, En + and GAZ refused to comment.

In the US treasury imposed sanctions in April in Deripaska and several companies with a major shareholder, citing "malign activity" of Russia, as well as allegations of past crimes committed by Deripaska itself.

The sanctions, the toughest of the 2014 Krima annex to Moscow, have been postponed several times since the United States considers that Deripaska was planning to separate stocks in companies so that they no longer control them, among other things.

Rusal and its parent company, En + Group, recruited directors and management that have not been linked to Deripaska in recent months as part of their talks with Washington for mitigating US sanctions.

Rusal has been named Evgeni Nikitin, who has been the executive director since May and has previously led his aluminum division, as its executive director last Friday. En + also appointed a new Executive Director.

Friday's move extends licenses relating to sanctioned firms to approve operations necessary to terminate operations or contracts, according to a statement on the US Department of Finance website. It also extends permits for the approval of transactions necessary for the seizure of debt, capital and other holdings.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Concerns over the impact of sanctions on Rusal have roiled Aluminium markets. Rusal is the world's second-largest producer after China's Hongqiao <1378.HK>. Japan's top aluminum rolling company, UACJ Corp. <5741.T>, said on Nov. 1 that it was removing Rusal from its 2019 suppliers list because of the uncertainty over the sanctions. "Data-reactid =" 31 "> Rusal has the worry about the impact of sanctions on Rusal. Rusal is the second-largest world leader in Chinese Hongkiao <1378.HK>. Japanese Aluminum Production Company, UACJ Corp. <5741.T>, said on November 1 that the removal of Rusal from the list of suppliers from 2019 due to uncertainty over sanctions.

(Reporting by Tim Ahman and Susan Heavei in Washington, Nathan Laine in New York and Polina Devitt in Moscow, Editing by Susan Thomas)

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