Russians with residency not hit by United States sanctions

Elias Hubbard
May 25, 2018

Treasury also said on Tuesday that it will give GAZ and any entities in which the company has a 50 percent or greater stake until October 23 to wind down activities and comply with US sanctions.

"But the earlier commitment for Deripaska to relinquish control in parent EN+ is still pending execution".

Mr Deripaska, who is himself the subject of United States sanctions, had already announced his intention not to stand for re-election to the board. EN+, which went public previous year in London, has a 48.1% stake in Rusal.

Mr Deripaska has not resigned from his non-executive director role at Rusal, but he has reisgned from the board of EN+, his company through which he owns a stake in Rusal. This is stated in the company's message posted on the Hong Kong Stock Exchange.

In addition, executive directors Vladislav Soloviev and Siegfried Wolf, and Maxim Sokov, Dmitry Afanasiev, Gulzhan Moldazhanova, Olga Mashkovskaya and Ekaterina Nikitina - all non-executive directors nominated by En+ at the previous annual general meetings - tendered their resignation as directors from June 28.

They will not seek re-election in the board.

The company also warned that the U.S. sanctions, which were announced last month, could make it tough for it to pay back its debts. The Askeaton company refines imported bauxite into alumina which is a major ingredient in the manufacturing of aluminium.

The additions to the list also include the Ukraine operations of Russian state news agency RIA Novosti.

Among the new individuals who were included in the list, there are Russian businessmen, several Russian military personnel, heads of Russian media, as well as members of the bodies of "power" occupied Crimea and Donbass.

In a separate statement, Rusal said unless sanctions are lifted or the company is granted a new license by the U.S. Office of Foreign Assets Control (OFAC), worldwide financial institutions are likely to stop dealing with the group and its metal production and sales would be hit.

Other reports by Click Lancashire

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