The US Finance Ministry has extended the sale of assets of Rusal, En + and GAZ for a month

The US authorities extended for a month the period of sale of assets of companies that fell under the sanctions on April 6, 2018: En +, GAZ and UC Rusal. Investors should get rid of them before June 6. Earlier, the Ministry of Finance demanded that it be done before May 7.
02.05.2018
RBC
Origin source
The US Treasury released updated versions of the document that set a deadline for investors to get rid of shares and bonds of companies that were subject to sanctions on April 6, 2018. Relevant documents are published on the website of the department.

Instead of general license No. 13 of the Office of Foreign Assets Control (OFAC), General License No. 13A comes into force, which requires the disposal of En +, GAZ and UC Rusal securities until June 6, 2018. Earlier, the agency ordered to sell assets before May 7.

In addition, the Ministry of Finance issued a general license No. 12B, which, like the previous No. 12A, orders that before June 5, all current operations be terminated and contracts with companies included in the sanctions list terminated. However, the new document amended: American and foreign companies to complete the execution of existing contracts with Rusal until October 23, 2018. This was stipulated in a special general license.

Earlier, the head of the US Treasury, Stephen Mnuchin, said that Washington, which had placed under the sanctions of UC Rusal, had no intention of ruining the Russian aluminum company or driving it out of business. "The first aspect [of our actions] is to [the main shareholder of UC Rusal, through En + owning 48% of the company's securities] Oleg Deripaska refused to control the company," said Mnuchin.

On April 23, the US Treasury issued a general license No. 14, which allowed US and other foreign companies to complete the execution of existing contracts with Rusal until October 23, 2018. This, as indicated in a conversation with Bloomberg TV Mnuchin, also indicated that there were no plans to withdraw Rusal from business from Washington.

The US Ministry of Finance for a month extended the sale of assets of En +, Rusal and GAZ
Kommersant, 05/02/2018

The US Treasury Department for a month extended the period during which US investors should sell securities of Russian companies En +, Rusal and GAZ, who are on the sanctions lists. If earlier investors had to sell assets before May 7, then now this period was postponed until June 6. This follows from the updated document of the Office of Foreign Assets Control (OFAC) of the Ministry of Finance.

Recall, on April 6, the US Ministry of Finance included in the sanctions list 38 Russians and Russian companies. Among them were Rusal and En + Group Oleg Deripaska. Later, the US authorities slightly weakened their position. OFAC extended the permission for US residents to work under contracts with Rusal until October 23, until the court examines the company's petition for deletion from the sanctions list. In addition, the US authorities have declared their readiness to remove sanctions from Rusal, if Deripaska ceases to control it.

The head of the FAS Russia Igor Artemiev did not rule out that the share of a businessman in the company can be nationalized, but the Kremlin said that this issue is not being considered. As Kommersant learned later, Oleg Deripaska agreed to reduce his stake in En +. After that, the Ministry of Finance of the United States said that reducing the share of Mr. Deripaska in En + does not guarantee the lifting of sanctions.


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