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Rusal chairman steps down after US sanctions waiver pact

United Co. Rusal PLC Chairman Matthias Warnig resigned as part of a significant restructuring the Russian company agreed on to have U.S. sanctions removed, Reuters reported Dec. 26.

In the week of Dec. 17, the U.S. Department of the Treasury's Office of Foreign Assets Control said it would lift the sanctions on En+ Group PLC, Rusal, and En+ unit JSC EuroSibEnergo within 30 days if the companies agree to reduce Russian oligarch Oleg Deripaska's shareholding.

The companies were added in early April to a list of Russian companies and individuals sanctioned by the department for profiting from Russia's "malign activity around the globe."

Warnig's departure is one of the conditions of the deal. Rusal expects to pick his successor Dec. 27.

Warnig said Rusal's planned removal from the sanctions list has put it on the verge of "new strategic development."

After the restructuring is implemented, En+ will hold a 56.88% interest in Rusal and retain the right to nominate the aluminum producer's CEO.