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US Treasury extends deadline for ending deals with Rusal until October 23

The US citizens were earlier ordered to close effective contracts and terminate interaction with the company by June 5

© AP Photo/Jacquelyn Martin

MOSCOW, April 23. /TASS/. The Office of Foreign Assets Control (OFAC) of the US Treasury extended the deadline for ending transactions with the Russian aluminum producer Rusal until October 23, 2018, the OFAC said.

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The US citizens were earlier ordered to close effective contracts and terminate interaction with the company by June 5.

"All transactions and activities otherwise prohibited by the Ukraine Related Sanctions Regulations, 31 C.F.R. part 589, that are ordinarily incident and necessary to the maintenance or wind down of operations, contracts, or other agreements, including the importation of goods, services, or technology into the United States, involving United Company RUSAL PLC or any other entity in which United Company RUSAL PLC owns, directly or indirectly, a 50% or greater interest and that were in effect prior to April 6, 2018, are authorized through 12:01 a.m. eastern daylight time, October 23, 2018," the document says.

Path to sanctions relief

Sanctions relief can be provided for Rusal if its co-owner Oleg Deripaska makes divestment and relinquishes control over the Company, the US Treasury Department said.

"The path for the United States to provide sanctions relief is through divestment and relinquishment of control of RUSAL by Oleg Deripaska," the authority said.

The Office of Foreign Assets Control (OFAC) of the US Treasury extended the deadline for ending transactions with the Russian aluminum producer Rusal until October 23, 2018, the OFAC said.

US sanctions

On April 6, the US authorities announced the imposition of sanctions against a number of Russian officials, businessmen and companies. The Russian businessmen who were put on the new US restrictions list include Gazprom CEO Alexei Miller, VTB head Andrei Kostin, owner of Renova Viktor Vekselberg, Surgutneftegaz CEO Vladimir Bogdanov, Sibur board member Kirill Shamalov, and businessmen Igor Rotenberg, Oleg Deripaska and Suleiman Kerimov.

Among the companies slapped with the latest sanctions are several enterprises belonging to Oleg Deripaska, including Agroholding Kuban, Eurosibenergo, Rusal, Russian Machines Holding and GAZ Group, B-Finance investment company, Basic Element, and En+.

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