June 4, 2018 / 10:16 PM / in a year

U.S. extends deadline for divesting from sanctioned Russian firm En+

WASHINGTON, June 4 (Reuters) - The U.S. Treasury Department said on Monday it would give investors with positions in sanctioned Russian firm En+ Group and its subsidiary EuroSibEnergo until Oct. 23 to divest, extending an earlier deadline.

The United States in April imposed sanctions on Russian billionaire Oleg Deripaska and eight companies in which he is a large shareholder, including the world’s second-largest aluminum producer Rusal and its parent holding company En+.

Deripaska controls 66 percent of En+, an umbrella company which manages his aluminum and hydropower businesses. En+ in turn controls 48 percent of Rusal, Deripaska’s main asset.

The U.S. Treasury earlier had extended until Oct. 23 the sanctions compliance deadline for persons invested in Rusal and Russian car maker GAZ, another Deripaska-owned firm.

En+ Group on Monday accepted the resignation of the company’s president as part of a plan to persuade the United States to lift sanctions by filling its board with directors not affiliated with Deripaska. (Reporting by Tim Ahmann Editing by James Dalgleish)

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