April 12, 2018 / 5:42 AM / 3 months ago

Sulzer says free of sanctions as U.S. approves buyback

ZURICH, April 12 (Reuters) - Swiss pumpmaker Sulzer is free of U.S. sanctions after authorities approved its buyback of shares that has reduced Russian oligarch Viktor Vekselberg’s stake to less than 50 percent, it said on Thursday.

“Sulzer confirms that it is no longer a blocked party or subject to sanctions under U.S. law. The company can now resume normal operations globally. To the extent that its assets have been blocked, Sulzer is taking the necessary steps to achieve timely reversal,” it said in a statement.

Sulzer’s U.S. bank accounts were frozen for certain transactions after sanctions were levied last week against Vekselberg and other oligarchs close to Russian President Vladimir Putin as punishment for alleged Russian meddling in the 2016 U.S. election and other “malign activity”. (Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi)

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