The building of the Ministry of the Treasury

© AP Photo/Pablo Martinez Monsivais

WASHINGTON, July 31. /TASS/. The United States was extended to 23 October, the period for which U.S. investors need to get rid of stock and debt instruments of Russian companies En+ group, “GAZ Group” and RUSAL. This was reported Tuesday by the Office for foreign assets control of the U.S. Treasury Department.

Earlier investors were given time until August 5 to get rid of securities of listed companies.

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What happened to Oleg Deripaska and his companies

The U.S. government on April 6 announced the introduction of sanctions against certain Russian officials, businessmen and companies. Among them were Oleg Deripaska and related company RUSAL, the holding Basic element, En+ and “Russian machines”, “the EuroSibEnergo”, “GAZ Group”, the investment company B-Finance and agro-holding “Kuban” .

The hit to the sanctions list means the freezing of assets in the United States and a ban for us citizens on any business with these companies. Initially, the U.S. Treasury gave the deadline until may 7 to American investors got rid of shares and debt instruments of all companies listed, while 5 Jun broke contracts with them. Then investors in the United States were allowed to conduct transactions with RUSAL to 23 Oct 2018. Until August 5 has also extended the period during which the U.S. investors need to get rid of the assets of En+, RUSAL and GAS.

One of the conditions for the lifting of sanctions against the company, the U.S. Treasury has called the decline in the share of Deripaska, which, in turn, has declared readiness to reduce below 50% its stake in the largest shareholder of “RUSAL” – the company En+. The U.S. Treasury then said that the decline in the share of Deripaska will not necessarily lead to the lifting of sanctions against this group under the control of “RUSAL”.

Now the businessman controls 48,13% of RUSAL via En+, where he owns 66%. May 25 Deripaska has left the Board of Directors of “RUSAL”.