Trump Poised to Lift Rusal Sanctions as Deripaska Cuts Stake
- Russian billionaire will cut ownership stake below 50%
- Treasury also plans to lift sanctions on his EN+ Group
A worker stacks aluminum ingots to make ready for shipping at an aluminum smelter, operated by United Co. Rusal, in Krasnoyarsk, Russia.
Photographer: Andrey Rudakov/BloombergThe Trump administration is ready to remove sanctions on Russian billionaire Oleg Deripaska’s aluminum company, United Co. Rusal, after reaching an agreement to significantly reduce his ownership stake.
Deripaska will remain under U.S. sanctions and his property will remain blocked, but the Treasury department intends to remove financial restrictions on Rusal, En+ Group Plc and EuroSibEnergo JSC. The move will take effect in 30 days unless Congress blocks the action, Treasury said in a statement Wednesday. Rusal shares jumped as much as 27 percent in Hong Kong before paring gains, while En+ was up 26 percent in Moscow.