U.S. lifts sanctions on firms linked to Russian billionaire Oleg Deripaska

U.S. lifts sanctions on firms linked to Russian billionaire Oleg Deripaska

U.S. lifts sanctions on firms linked to Russian billionaire Oleg Deripaska

In its brief statement, Treasury said that Rusal and the other two companies, En+ Group and EuroSiobEnergo had severed Derapaska's control.

Sanctions relief for Rusal, the world's second largest aluminum producer, will remove a source of uncertainty from the aluminum market.

US Treasury Department announced in a press release that it lifts sanctions on Russian firms Rusal, En+ and Eurosibenergo.

"This action ensures that the majority of directors on the En+ and Rusal boards will be independent directors ... who have no business, professional or family ties to Deripaska", Treasury said.

Many Democratic lawmakers, and even some Republicans, insist that it is inappropriate to ease the sanctions at a time while Special Counsel Robert Mueller is probing whether Trump's 2016 presidential campaign colluded with Moscow.

"The companies have also agreed to unprecedented transparency for Treasury into their operations by undertaking extensive, ongoing auditing, certification, and reporting requirements". However, the sanctions against the businessman himself remain in force.

After the Treasury announcement, Rusal said Jean-Pierre Thomas had resigned as chairman and director of the company as part of the deal to lift the US sanctions.

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Previously, the USA authorities introduced sanctions against several Russian businessmen and companies controlled by them, including Deripaska and his companies.

The restrictions are being lifted on En+, the London-listed energy group, and Rusal, the Hong Kong-listed aluminium group, and EuroSibEnergo JSC, a Russian energy company.

Trump administration officials, and many Republicans who had supported lifting the sanctions, had said they were anxious about the effect on the global aluminum industry. They also said Deripaska's decision to lower his stakes in the companies so that he no longer controlled them showed that the sanctions had worked.

European envoys to the USA earlier supported Washington's plans to lift the sanctions against the three Russian companies, saying it would save thousands of jobs and prevent "serious damage to the European aluminum industry". China's aluminum exports jumped to a record high in 2018.

US critics have accused the president of making too many concessions to Russian Federation with nothing in return, while Trump has insisted he has been tougher on Moscow than previous presidents.

In addition to his ties to the Kremlin, Deripaska also was a former business partner with Paul Manafort, Trump's former campaign chairman. Prices surged in April when Treasury announced the financial restrictions.

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