Ukrainian Law Blog
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Wednesday, May 2, 2018
U.S. extends deadline for divestiture of sanctions targets Rusal, En+
WASHINGTON (Reuters) - The U.S. Treasury on Tuesday gave investors an additional month to divest or transfer their holdings in sanctions targets United Company Rusal Plc (
0486.HK
), En+ Group Plc (
ENPLq.L
) and GAZ Group (
GAZA.MM
).
Washington last month imposed sanctions on Russian billionaire Oleg Deripaska and several companies in which he is a large shareholder, including Rusal, En+ and GAZ, in response to what the United States called Russia’s “malign activities.”
Deripaska’s En+ Group holds his 48 percent stake in Rusal, Russia’s largest aluminum producer, while his Russian Machines conglomerate owns 61 percent of vehicle maker GAZ.
The Treasury said in a statement it extended the deadline to divest financial holdings in the companies to June 6 from May 7.
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