Fri. Mar 29th, 2024

The US treasury department has on Sunday, lifted sanctions on Russian aluminum giant Rusal and other two related companies after Oleg Deripaska, blacklisted billionaire, took actions to sharply cut off his stake in them.

According to Reuters news reports, Oleg Deripaska, the tycoon, is known to have warm friendly relations with Russia’s president Vladimir Putin and also had business ties with the United States President Donald Trump’s former election campaign chairman Paul Manafort, who presented conviction into special counsel Robert Mueller’s investigation in the Russian meddling in US 2016 presidential election.

Aluminum giant Rusal said on Monday Jean-Pierre Thomas had resigned as chairman and director of the company as a pre-requisite for a decision by the United States to lift sanctions on the company.

Deripaska is one of those sanctioned oligarchs last year in retaliation for what Washington called “the Russian government’s ongoing and increasingly brazen pattern of malign activity across the world”, citing its seizure of Crimea and interferences in Syria.

In an official statement, the treasury’s office of foreign assets control (OFAC) said Rusal, EN+ Group Plc and EuroSibEnergo JSC have “reduced Oleg Deripaska’s direct and indirect shareholding stake … and severed his control”

The statement further stated: “The companies have also agreed to unprecedented transparency for Treasury into their operations by undertaking extensive, ongoing auditing, certification, and reporting requirements.”

The sanctions suspended Americas alongside organizations with the US division like many global banks, from doing their business with the organizations and froze the Deripaska’s personal assets in the US jurisdictions.

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