U.S. postpones sanctions deadline on Russian tycoon's firms
Source: Reuters
WORLD NEWS NOVEMBER 9, 2018 / 2:00 PM / UPDATED 40 MINUTES AGO
WASHINGTON (Reuters) - The United States on Friday said it was postponing the enforcement of sanctions on Russian companies EN+ <ENPLq.L >, Rusal and Gaz PAO for nearly four weeks as their top shareholder works on a plan to cut his stakes.
The U.S. Treasury Department had given Russian tycoon Oleg Deripaska until Dec. 12 to reduce his holdings in the three companies but said in a statement that the deadline had been moved to Jan. 7, 2019.
“EN+, RUSAL, and GAZ are proposing substantial corporate governance changes that could potentially result in significant changes in control of these sanctioned entities,” Treasury said in a statement explaining why the deadline was postponed. Rusal, En+ and GAZ declined to comment.
The U.S. Treasury imposed the sanctions in April on Deripaska and several companies in which he is a large shareholder, citing “malign activities” by Russia, as well as allegations of past crimes by Deripaska himself.
Read more: https://www.reuters.com/article/us-usa-russia-sanctions/u-s-extends-deadline-for-sanctioned-russian-firms-to-january-idUSKCN1NE2BO?il=0
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