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US extends deadline for investors to sell out of sanctioned Russian companies

The U.S. Treasury Department extended the deadline for investors to divest stakes in sanctioned Russian companies, including En+ Group PLC and United Co. Rusal PLC, to Aug. 5 from the previous June 5 deadline, according to a June 1 news release.

"The company continues to work to protect the interests of all group stakeholders, investors and employees worldwide and will make further announcements as soon as possible," EN+ said in a statement.

London's Financial Times wrote that the extension could give Oleg Deripaska-related companies more time to comply with measures that would lift the U.S. sanctions. The Treasury's Office of Foreign Assets Control in April outlined terms for the relief of sanctions against the Deripaska-related companies.

The Russian mining magnate had taken steps to distance himself from En+ and Rusal by resigning as nonexecutive director of both companies in May, but recent reports said the U.S. government indicated Deripaska should reduce his 66% shareholding in En+ to about 40% to keep his ownership and spare the company from the sanctions.

EN+ Chairman Gregory Barker told Reuters he asked the Treasury to allow shares to continue trading until September, in a bid to give him more time to actualize a plan to remove Rusal and EN+ from the sanctions list. The company said in mid-May that its board backed the chairman's proposal and strategy, dubbed the Barker plan, aimed at lifting the sanctions.