Treasury gives Deripaska another month to unwind Rusal stake

Treasury said that licenses allowing Rusal to continue doing business would be extended a month to December 12.

Oct 12, 2018 02:10 IST India Infoline News Service

Treasury gives Oleg Deripaska another month to unwind Rusal stake
The Treasury Department gave Russian billionaire Oleg Deripaska more time to relinquish control of the world’s second-largest aluminum producer, United Co. Rusal, before US sanctions kick in on the company.

Treasury said in a statement that licenses allowing Rusal to continue doing business would be extended a month to December 12 as it negotiates with Deripaska and the holding company through which he controls Rusal, London-based EN+.

“En+ and Rusal have approached the US government about substantial corporate governance changes that could potentially result in significant changes in control,” an unidentified Treasury spokesperson said in the statement.

Source: Bloomberg

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