Yesterday (27 January 2019), OFAC lifted sanctions imposed on RUSAL, En+ Group, and JSC EuroSibEnergo. The US Treasury first informed Congress of its intention to terminate these sanctions on 19 December 2018 (see previous blog).
Under the terms of their de-listing, RUSAL, En+ Group, and JSC EuroSibEnergo have reduced Russian oligarch Oleg Deripaska’s shareholding in the companies and severed his control. The Treasury Press Release states that this action “ensures that the majority of directors on the En+ and RUSAL boards will be independent directors – including US and European persons – who have no business, professional, or family ties to Deripaska or any other SDN, and that independent US persons vote a significant bloc of the shares of En+”. See OFAC Notice.
Michael was called to the Bar in 1992 and prior to joining Peters & Peters was a senior specialist prosecutor at the Crown Prosecution Service Headquarters (CPS). He was a key member of a small specialist unit responsible for the prosecution of serious and high-profile fraud, terrorist,...See profile for Michael O'Kane >