Russia’s En+ Group presents final plan to OFAC for sanctions relief

Russia’s energy-related En+ Group has presented its final plan to OFAC in a bid to free the group from US sanctions which were imposed on 6 April 2018.

Under the proposal, Russian ‘oligarch’ Oleg Deripaska has agreed to reduce his current stake in En+ Group to below 45% (currently around 66%), primarily through the transfer of shares to Russian bank VTB, which itself is under US sanctions. VTB will thereafter sell the shares into the market, but during the period it has control of those shares, their voting rights will be controlled by two US citizens appointed by En+ Group. OFAC has yet to decide on whether to approve the plan.