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Chuck Schumer to force vote on lifting Rusal, En+ sanctions

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Chuck Schumer to force vote on lifting Rusal, En+ sanctions

U.S. Senate Democratic Leader Chuck Schumer plans on forcing a vote on a resolution that would disapprove plans for the Trump administration to remove sanctions on United Co. Rusal PLC, its parent En+ Group PLC and EuroSibEnergo PLC, Reuters reported Jan. 12.

In December 2018, the three companies under sanctions agreed to significant restructuring and corporate governance changes to address issues that resulted in the imposition of sanctions.

Rusal, En+ and EuroSibEnergo reduced the direct and indirect stakes held by Russian oligarch Oleg Deripaska, and the boards of En+ and Rusal were overhauled. Under the plan, Deripaska would remain sanctioned, together with all properties in which he holds an interest of over 50%.

However, Schumer said the proposal is "flawed" as it failed to limit Deripaska's control and influence of the companies.

The news comes after U.S. Treasury Secretary Steven Mnuchin defended his plan to lift the sanctions against the Deripaska-linked companies and as U.S. House Democratic leaders sought to delay their easing.

En+, Rusal and EuroSibEnergo were added in April 2018 to a list of Russian companies and individuals sanctioned by the U.S. Treasury Department for profiting from Russia's "malign activity around the globe."