At En+, new independent directors include Christopher Burnham, the chairman of Cambridge Global Capital LLC, who was a member of Donald Trump’s transition team at the State Department.
The decision by the Treasury Department, which had been postponed for months, was both politically and economically sensitive, and drew criticism from some Democrats and foreign policy analysts that the administration was sending the wrong signal to Moscow about its conduct toward its neighbors and the United States. During the negotiations, Mr. Mnuchin had signaled a willingness to make such a deal in the interests of stabilizing the aluminum market, and Mr. Harrell said “that gave Deripaska some leverage.”. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. The price fell on Monday, losing as much as 1.4 percent on the London Metal Exchange. The companies are among the biggest in the aluminum industry, and questions about their fate had roiled global metals markets. “The companies have also agreed to unprecedented transparency for Treasury into their operations by undertaking extensive, ongoing auditing, certification, and reporting requirements,” the Treasury’s Office of Foreign Assets Control said in a release. Updates with trustees on Deripaska’s stake in penultimate paragraph. R ussian oligarch Oleg Deripaska has quit the boards of EN+ and its subsidiary Rusal in a bid to free the companies from crippling US sanctions.. Mr Deripaska … Under the deal, which is subject to continued monitoring, Mr. Deripaska will reduce his stake in EN+ to less than 45 percent from approximately 70 percent. https://www.rollingstone.com/politics/politics-news/deripaska-trump-782332
Before it's here, it's on the Bloomberg Terminal. They may differ from the final shareholding under the deal. Have a confidential tip for our reporters? Sanctions relief for Rusal, the world’s second-largest aluminum producer, will remove a source of uncertainty from the market. The U.S. Treasury Department lifted sanctions on three firms tied to Russian tycoon Oleg Deripaska, including United Co. Rusal, a move that will provide relief to the global aluminum market.
As Sanctions Lift, Russian Oligarch's Company Adds Trump Transition Member To Its Board Former Deutsche Bank executive Christopher Burnham is named to the board of Oleg Deripaska… Rusal is among the largest companies the U.S. has ever put on its sanctions designation list. The U.S. Treasury Department lifted sanctions on three firms tied to Russian tycoon Oleg Deripaska, including United Co. Rusal, a move that will provide relief to …
Saying that the plan “appears to be a shell game brokered by a sanctioned Russian bank, VTB Bank, involving one of Putin’s closest buddies, Oleg Deripaska,” Mr. Doggett said it “only encourages Putin to pursue his destabilizing activities around the world.”, He called for a rigorous congressional review of the deal, and said that if it “is what it appears — a Rusal ruse — then we should reject this latest Trump scam.”.
“On the one hand, he has lost some cash as a result of these transactions, and he has to reduce his holdings in his companies,” Mr. Harrell said. Congressional Democrats have tried to block Treasury’s action, citing concerns about the Trump administration’s motives at a time when Special Counsel Robert Mueller is continuing his investigation of Russian interference in the 2016 presidential election and possible connections to the Trump campaign. Many of these could have enabled the circumvention of sanctions on Iran and Russia. “This represents just one more step in undermining the sanctions law, which President Trump has obstructed at every opportunity, while Russian aggression remains unabated,” said Representative Lloyd Doggett, a Texas Democrat. He retained lobbyists with ties to the Trump administration as well as law firms and public relations experts to make the case that Mr. Deripaska was truly committed to giving up control of his companies, and was not merely staging a sham divestiture, as some critics suspected. Mr. Deripaska and his businesses were hit with sanctions in April over Russian election interference. But the Treasury Department is removing restrictions on Rusal, En+ Group Plc and EuroSibEnergo JSC.
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