[ferro-alloys.com]The US Department of the Treasury notified Congress Wednesday it intends to terminate the sanctions imposed on En+ Group plc, UC Rusal plc, and JSC EuroSibEnergo in 30 days.

Treasury's Office of Foreign Assets Control has determined that the "significant restructuring and corporate governance changes will enable them to meet the criteria for delisting."

But Russian oligarch Oleg Deripaska will remain sanctioned and his property will remain blocked, it said.

"Treasury sanctioned these companies because of their ownership and control by sanctioned Russian oligarch Oleg Deripaska, not for the conduct of the companies themselves. These companies have committed to significantly diminish Deripaska's ownership and sever his control."

The companies "will be subject to ongoing compliance and will face severe consequences if they fail to comply," said Treasury Secretary Steven Mnuchin. "OFAC maintains the ability under the terms of the agreement to have unprecedented levels of transparency into operations."

The sanctions, announced April 6, targeted seven high-profile Russian businessmen, 12 companies they own or control, and 17 senior Russian officials. The individuals and companies on the list were effectively banned from the US banking system. The measure prohibited US citizens from dealing with them and froze any of their assets that are subject to US jurisdiction.

At that time, OFAC designated En+ for being owned or controlled, directly or indirectly, by Oleg Deripaska and other entities he owns or controls. In that same action, OFAC designated Rusal for being owned or controlled by, directly or indirectly, En+. ESE, a wholly owned subsidiary of En+, was also designated.

En+, Rusal, and ESE have agreed to a framework to undertake significant restructuring and corporate governance changes to address the circumstances that led to their designation, including reducing Deripaska's direct and indirect shareholding stake; overhauling the composition of boards of directors; and committing to full transparency with Treasury by undertaking ongoing auditing, certification, and reporting requirements.

(S&P Global Platts)

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