En + asks the US Treasury until August 5 to at least temporarily suspend the US sanctions against the company. This is necessary, according to the lobbying group of Mercury, which represents it, to activate the last part of the "Barker plan" to save En + and Rusal, which provides for the break of formal ties with their co-owner, Oleg Deripaska, who is on the sanctions list. In particular, the company plans to finalize the list of independent directors, complete the transaction to convert Glencore shares of Rusal into the En + package, and also settle relations with VTB's major creditor.
The Mercury group, representing the interests of En + Group Oleg Deripaska in the United States, sent a report on the status of execution of the "Barker Plan" to the US Justice Department (named for Lord Gregory Barker's independent En + board of directors) to rescue En + and "Rusal" - En + c 48.13 % of shares is controlled by an aluminum company in agreement with shareholders. As follows from the document, to implement the final stage of the "Barker Plan" it is necessary that the Office of Foreign Assets Control of the US Treasury Department (OFAC) rendered En +, at least temporarily, from the sanctions list. This should be done before August 5, when the General License 13B expires, allowing US investors to maintain their presence in the debt and shares of Oleg Deripaska's companies.
On April 6, OFAC included Oleg Deripaska and assets under his control (Basel, En +, RusAl, GAZ Group and others) in the SDN list banning business with US residents and access to the financial system of the country. However, due to the resonance caused by this measure in the world aluminum market, including in the US market (Rusal accounted for 10-14% of aluminum imports), the US authorities went on a certain easing of the sanctions regime: thus, the term for getting out of debt and shares companies of Oleg Deripaska, initially limited to May 7, was repeatedly extended - first until June 6, then until August 5. Mercury and now writes that the proposed measures are "critically needed", including so that the sanctions policy of the administration of Donald Trump could reach the declared goals and did not seriously damage the interests of the US and its allies, and in the zone of activities of En + and "Rusal "The interests of China and / or other potentially unfriendly forces did not prevail.
The "Barker Plan" was formulated on April 27. He provides for a decrease in the share of Oleg Deripaska in En + below the control (now he has 66%) and the removal from the management of both the holding company and the aluminum company of himself and his appointed directors and top managers. According to Mercury, for the final stage of the plan, which includes, first of all, the appointment of an independent board of directors and the reduction of the share of Mr. Deripaska to a minority one, an exception of En + from the SDN list is required: "A significant number of transactions and regulatory approvals occur in August-September, list will put the company in a catastrophically disadvantageous position. " This exception can be temporary and conditional, the letter says.
Among the specific measures in question are the approval by OFAC of the list of independent candidates to the board of directors submitted on July 5, the appointment of at least two attorneys for a part of En + shares, the completion of the transaction for the conversion of Glencore's 8.75% stake in Rusal to GDR En +, which was frozen after the imposition of sanctions, as well as the completion of discussions with the businessman and his family about the transfer of the En + package to agreed organizations or an attorney. Oleg Deripaska's family owned a total of 11.4% of En +, although the formal marital status of Polina Deripaska is unclear with a 5.8% stake.
Also, the final stage of the "Barker Plan" provides for the repayment of En + of VTB's loan, ensuring that, with respect to VTB's stake in En + (9.62% of shares), an independent person whose nomination was already indicated in the document filed with OFAC on July 5, as well as the creation of an escrow account in order to ensure, in accordance with the requirements of the OFAC, that Mr. Deripaska will not receive any financial income while he is on the SDN list.