The US Treasury gave Oleg Deripaska a fourth reprieve

This was a tactical victory for the hired oligarchs in the US lobbyists. Until January 2019, Washington allowed to cooperate with the toxic Rusal.
11.11.2018
Vedomosti
Origin source
The US Treasury postponed from December 12 of this year to January 7 of the following date, the termination of cooperation with those found under the sanctions of UC Rusal, En +, Eurosibenergo and the GAZ group of Oleg Deripaska for international contractors.

In April, Oleg Deripaska and his eight assets, including the world's second-largest aluminum producer UC Rusal (3.9 million tons of metal in 2017), fell under the sanctions of the US Treasury. Transactions with these companies are prohibited for residents of the United States, and for non-US individuals and legal entities carry the threat of secondary sanctions.

In their explanations, the US Treasury repeatedly noted that the purpose of the sanctions are not the plants, but Deripaska himself, and the sanctions can be lifted if the businessman loses control of the company. After that, a plan was developed by Gregory Barker - Chairman of the Board of Directors of En + (owns 48.1% of UC Rusal). The plan involves reducing Deripaska’s share of En + below the control.

 Terms of termination of cooperation has been postponed several times already. In addition, in September, the US department allowed counterparties to enter into new contracts with UC Rusal and other companies from the sanctions list. But with the restriction that they should not differ in their volume from those that had previously acted. The permit is valid only for those companies that have been purchasing goods and services of UC Rusal, GAZ Group or other Deripaska companies for several years in a row, and also provided them with maintenance services.

There is nothing surprising in the next month extension, says Maxim Khudalov, director of the ACRA corporate rating group: market participants are used to such working conditions. “All interested parties are in difficult negotiations, and they will most likely last for a long time. Therefore, this is not the last extension, ”he said.

Representatives of En + and UC Rusal declined to comment. Vedomosti sent a request to the US Treasury on Friday evening.

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