Russian company UC Rusal has submitted to the U.S. Treasury a plan for how it can be excluded from the sanctions list, said the Minister of Finance Steven Mnuchin. However the details of this plan, the Minister did not disclose
(Photo: Jonathan Ernst / Reuters)
The U.S. Treasury has received from the Russian aluminum company UC Rusal plan, according to which it can be deduced from the effect of the sanctions imposed on 6 April 2018.
The head of Department Steven Mnuchin said in an interview with Reuters. Mnuchin reiterated that the U.S. Treasury does not seek to bring the case before the destruction of the company and its withdrawal from the market, however, it must fulfill several requirements to leave the sanctions list.
Mocit assured that expects to find an acceptable solution, but did not go into details.
On or before 31 may, the Chairman of the Board of Directors of En+, which owns UC Rusal, Gregory Barker said that the company of Russian billionaire Oleg Deripaska are in close contact with the U.S. Treasury, but the plan for compliance with Washington to exit from the sanctions can only be by mid-summer.
The U.S. Treasury has extended the deadline for the completion of the transactions with En+ and “EvroSibEnergo”
Barker told the news Agency that En+ intend to ask the U.S. Treasury to renew a General license, under which investors can hold the stock of companies Deripaska, until September. During this time, a plan should be prepared at the exit of En+ and UC Rusal from the sanctions. “We need the extension of a General license, which will give time to gather everything and submit the final proposal to the U.S. government until mid-summer”, — quotes its words Reuters.
The statement was made in the day when the U.S. Treasury extended the deadline for the sale of the assets of En+ group, GAZ group and UC Rusal to 5 August. Initially, the Ministry of Finance demanded to do so until may 7, and then extended the deadline until June 6. After a series of consultations, the Ministry of Finance agreed to extend the deadline for the sale of assets until October 23.