January 16, 2019

OFAC extends time for RUSAL and others to restructure

Three companies, United Company RUSAL PLC, EN+ Group PLC, and JC EuroSibEnergo, are the beneficiaries of general licenses issued by the Treasury Department’s Office of Foreign Assets Control, which allow them to pursue activities that would otherwise be prohibited by the Ukraine Related Sanctions Regulations, 31 C.F.R. part 589.  The companies were designated on April 6, 2018 because they are 50% or more owned or controlled by Oleg Deripaska, a designated Russian oligarch reputed to be a Putin ally.  On December 7, 2018, OFAC announced an extension of the companies’ general licenses in order to allow them to carry out proposed changes in their corporate governance and to allow them to divest or transfer their holdings away from blocked persons, including Deripaska.  The licenses are set to expire on January 28, 2019.  OFAC has notified Congress of its intent to delist the three companies from the SDN List effective January 18.

OFAC press release | OFAC general license