United Co. Rusal PLC said May 21 that Oleg Deripaska has not formally resigned from its board, even after he stepped down as a director at En+ Group PLC in a bid to lift U.S. sanctions imposed against the company in April.
The U.S. Office of Foreign Assets Control outlined terms for the relief of sanctions, and En+ Group recently announced a strategy in line with these terms. The strategy, dubbed the Barker plan, will see Deripaska ceding control over En+ Group and influence over the company's board through the appointment of a majority of independent directors.
En+ Group is Rusal's controlling shareholder.
According to Rusal, it is "highly likely" that the sanctions will have an adverse impact on its business and prospects, though further evaluation is underway.
