Oleg Deripaska refused to be re-elected to the Board of Directors of UC Rusal

Thus, the scandalous businessman plans to withdraw his business from under US sanctions.
The Board of Directors of En + (uniting the assets of Oleg Deripaska in the power and metallurgy sectors) voted for the "Barker Plan" - proposed by the independent Chairman of the Board of Directors of En +, Lord Gregory Barker, to save the company from the sanctions of the US Treasury. This is stated in the message En + on the London Stock Exchange on Friday.

Barker suggested that Deripaska reduce the stake in En + below 50%, withdraw from the company's board of directors and appoint new independent directors instead of those who left the company because of sanctions.

It also follows from the En + message that Deripaska will not be re-elected to the board of directors of UC Rusal, the world's second aluminum producer, also affected by US sanctions. En + owns a 48.1% stake in UC Rusal and, through a shareholder agreement with Sual Partners and Glencore, is recognized as the controlling shareholder of the company - as long as its share exceeds 40%.

Against the backdrop of these news, the capitalization of UC Rusal grew on the Moscow Stock Exchange by 6.89% to 17.45 on Moscow time to 396.5 billion rubles. The Hong Kong stock exchange, where UC Rusal also trades, has not yet managed to win back the news. Trades in En + on the London Stock Exchange have been suspended.

It seems that Deripaska plans formal withdrawal from the company, says Maxim Khudalov, an analyst with ACRA. From sanctions it will not save, he is sure: "It is necessary to lose joint control, the market is waiting for who will buy out the share of the businessman".

On April 6, the US Treasury Department imposed sanctions against a number of Russian businessmen and companies. Stronger than others, Deripaska suffered: SDN-list included himself and eight of his companies, including UC Rusal, which accounted for 6% of the world primary aluminum market. After getting on the sanctions list, the company, 80% of its production went to foreign markets, was practically in global isolation and was forced to cut exports.