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US Treasury extends deadline for completing deals with GAZ Group until October 23

May 23, 2018, 3:06 UTC+3 WASHINGTON

Before that, US citizens had to complete existing contracts and cease interaction with the company before June 5

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© Vladimir Astapkovich/TASS

WASHINGTON, May 23. /TASS/. The US Department of Treasury extended the deadline for completion of transactions with GAZ Group until October 23, 2018, the Department said.

Before that, US citizens had to complete existing contracts and cease interaction with the company before June 5.

According to the Department, all transactions and activities to maintain or terminate operations, contracts or other agreements, including imports of goods, services or technology in the United States, involving GAZ Group or any other person in which GAZ Group directly or indirectly owns 50% of assets or more, and which were in effect before April 6, 2018, are allowed until October 23, 2018.

On April 6, the US authorities announced sanctions against a number of Russian officials, businessmen and companies. Among them were Oleg Deripaska and associated companies Rusal, Basic Element holdings, En+ and Russian Machines, Eurosibenergo, GAZ Group, B-Finance investment company and Kuban agroholding.

Being included in the sanctions list means frozen assets in the US and ban on American citizens preventing them from doing any business with these companies. Initially, the US Department of Treasury gave the deadline of May 7 for American investors to get rid of shares and debt instruments of all companies included in the list, and June 5 - for severing contracts with them. Later, US investors were allowed to conduct transactions with Rusal until October 23, 2018, with En +, Rusal and GAZ - until June 5.

The US said that they are ready to lift sanctions imposed on the aluminum producer, if Deripaska relinquishes part of his assets and control of the company. Deripaska, in turn, announced he was ready to reduce its stake in the largest shareholder of Rusal, En+, below 50%. Currently the businessman controls 48.13% of Rusal through En+, in which he owns 66%.

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