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U.S. Signals Deripaska Should Cut EN+ Stake to 40% Range, Source Says

Treasury has set path for relief from Russia sanctions
Sanctions on En+, Rusal have disrupted aluminum supply chain

Oleg Deripaska — Oleg Deripaska
Photographer: Simon Dawson/Bloomberg

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May 29, 2018, 8:13 PM UTCUpdated onMay 30, 2018, 2:15 PM UTC

The U.S. Treasury Department has indicated it may allow Russian oligarch Oleg Deripaska to keep his ownership of En+ Group Plc in the mid-40 percent range under a deal that would spare the company from sanctions, a person familiar with the matter said.

While Treasury hasn’t provided a specific target for Deripaska’s holding it had generally signaled his stake would need to be meaningfully below 50 percent, said the person, who spoke on condition of anonymity. Deripaska currently owns about 66 percent of the company, according to an En+ annual report.