USA sanctions lifted on Deripaska's En+ and Rusal

30 Janvier, 2019, 14:13 | Auteur: Anatole Charbonneau
  • Oleg Deripaska the billionaire who who heads aluminium producer Rusal remains the target of personal sanctions

"This represents just one more step in undermining the sanctions law, which President Trump has obstructed at every opportunity, while Russian aggression remains unabated", said Lloyd Doggett, a Texas Democrat. Shares of Rusal and En+ on the Moscow Exchange soared 10% after the statement of the US Treasury Department on the lifting of sanctions against the companies.

Aluminum giant Rusal said on Monday Jean-Pierre Thomas had resigned as chairman and director of the company as a pre-requisite for a decision by the United States to lift sanctions on the company.

Rusal, EN+ Group Plc and EuroSibEnergo JSC have "reduced Oleg Deripaska's direct and indirect shareholding stake. and severed his control", the Treasury's Office of Foreign Assets Control (OFAC) said in a statement.

The companies have agreed to unprecedented transparency of its activities.

USA critics have accused the president of making too many concessions to Russian Federation with nothing in return, while Trump has insisted he has been tougher on Moscow than previous presidents.

EN+ Chairman Lord Barker said on Sunday night that the sanctions removals mark a turning point for the company, calling the moves "a clear victory for muscular corporate governance".

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These will include the establishment of a separate board committee for compliance and the retention of an independent expert counsel to advise the board, Barker said.

Trump administration officials, and many Republicans who opposed the effort to keep the sanctions in place, had said they anxious about the effect on the global aluminum industry.

Sanctions relief for Rusal, the world's second-largest aluminum producer, will remove a source of uncertainty from the market. Manafort pleaded guilty in September 2018 to attempted witness tampering and conspiring against the United States. The value of the aluminum producer has declined by more than half from $9.2 billion more than eight months ago.

Aluminum ingots made at the Rusal Krasnoyarsk aluminum smelter in Krasnoyarsk, Russia on January 28, 2019.

Shares in vehicle maker GAZ, controlled by Deripaska, were up 4.6 percent at 481 roubles, outperforming the broader market.

"Any deal with Canada would allow 2.5 million tonnes of primary aluminum to enter the US duty-free and significantly dilute the proportion of USA imports from duty-paid countries", Wood Mackenzie analysts said in a note.


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