December 7, 2018: Two more weeks… for Deripaska’s companies

The OFAC Notice:

Temporary Extension of Ukraine-related General Licenses

Today OFAC extended the expiration date of certain general licenses related to EN+ Group PLC, United Company RUSAL PLC, and GAZ Group, and issued the following four general licenses: General License No. 13H – Authorizing Certain Transactions Necessary to Divest or Transfer Debt, Equity, or Other Holdings in Certain Blocked Persons, General License No. 14D – Authorizing Certain Activities Necessary to Maintenance or Wind Down of Operations or Existing Contracts with United Company RUSAL PLC, General License No. 15C – Authorizing Certain Activities Necessary to Maintenance or Wind Down of Operations or Existing Contracts with GAZ Group, and General License No. 16D – Authorizing Certain Activities Necessary to Maintenance or Wind Down of Operations or Existing Contracts with EN+ Group PLC or JSC EuroSibEnergo.

The Treasury Press Release:

OFAC Extends Expiration Date of General Licenses Related to EN+, RUSAL, and GAZ

Washington – The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today extended further the expiration date of certain general licenses related to EN+ Group plc (EN+), United Company RUSAL PLC (RUSAL), and GAZ Group (GAZ).  These General Licenses 13H, 14D, 15C, and 16D amend their previous versions by extending the expiration date from January 7, 2019, to January 21, 2019, for transactions related to the companies and their subsidiaries.

On April 6, 2018, OFAC designated EN+ and GAZ for being owned or controlled by, directly or indirectly, Oleg Deripaska and other entities he owns or controls.  In that same action, OFAC designated RUSAL for being owned or controlled by, directly or indirectly, EN+.

“EN+, RUSAL, and GAZ are proposing substantial corporate governance changes that could potentially result in significant changes in control of these sanctioned entities.  In recognition that the review of these complex proposals is ongoing, OFAC is extending the expiration date of related general licenses until January 21,” said a Treasury spokesperson.

Links:

OFAC Notice

General License 13H

General License 14D

General License 15C

General License 16D

Treasury Department Press Release

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