20 December 2018
OFAC NOTIFIES THE US CONGRESS OF ITS INTENT TO TERMINATE THE SANCTIONS IMPOSED ON RUSAL
Yesterday, the US Treasury Department’s Office of Foreign Assets Control (OFAC) notified the US Congress of its intention to terminate the sanctions imposed on Rusal, En+ Group plc and JSC EuroSibEnergo in 30 days (19 January 2019).
Deripaska remains sanctioned, but OFAC has determined that the significant restructuring and corporate governance changes will enable the above companies to meet the criteria for delisting.
The deadline for winding down activities with Rusal was set at 21 January 2019, so we welcome this timely action. While the Congress could still block the proposal, OFAC’s notification indicates the direction that the US government wants to follow.