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US extends deadline to wind-up business with Rusal, EN+


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US extends deadline to wind-up business with Rusal, EN+

The U.S. Office of Foreign Assets Control extended the deadline for investors to divest their holdings in sanctioned Russian companies United Co. Rusal PLC and its controlling shareholder En+ Group PLC to Dec. 12 from Nov. 12.

OFAC said Oct. 12 that it extended the deadline to give it more time to review the companies' proposals about "substantial corporate governance changes" that may lead to significant changes in ownership.

In May, Russian businessman Oleg Deripaska quit the boards of En+ and aluminum producer Rusal in a bid to ease sanctions.

OFAC recently allowed Rusal to sign new contracts with existing U.S. customers without the risk of becoming a target of secondary sanctions.

Rusal and EN+ Group were on a list of companies and individuals, including Deripaska, the U.S. Treasury Department sanctioned in April.