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US Treasury puts forward conditions for lifting of sanctions from GAZ Group

May 23, 4:50 UTC+3 WASHINGTON

According to the US Treasury, companies can be excluded from the sanctions lists by demonstrating the changes in circumstances that led to their inclusion in these lists

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WASHINGTON, May 23. /TASS/. The United States announced that they would be ready to lift the restrictions from GAZ Group if its co-owner Oleg Deripaska relinquishes part of the company's assets and control over it, and extended the deadline completing deals with the company until October 23, the Department said.

According to the US Treasury, companies can be excluded from the sanctions lists by demonstrating the changes in circumstances that led to their inclusion in these lists. In the case of GAZ Group, the US can mitigate the sanctions regime if any people on the sanctions lists, including Oleg Deripaska, sell part of the assets and relinquish control of GAZ Group.

Previously, similar conditions for the lifting of sanctions were proposed for Rusal. In the same way, the deadline for completing deals was extended until October. Deripaska, in turn, earlier announced he was ready to reduce his stake in En+, the largest shareholder of Rusal, to less than 50%. Currently the businessman controls 48.13% of Rusal through En+, in which he owns 66%.

On April 6, the US authorities announced sanctions against a number of Russian officials, businessmen and companies. Oleg Deripaska was on the list, as well as 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.

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