En+ Ready to Implement Sanctions Relief Plan as Deadline Looms
- Owner of 48% of Russia’s Rusal asks U.S. for action by Aug. 5
- Company sees sale to China or nationalization without relief
En+ Group Plc has asked for a temporary reprieve from U.S. sanctions by Aug. 5 as the final phase of its plan for billionaire Oleg Deripaska to relinquish control is “ready for implementation,” according to a filing from a lobbyist for the company.
The filing by Mercury LLC gives new detail on En+’s plans to persuade the U.S. Treasury to lift sanctions against the company and United Co. Rusal, which it controls. Without that relief, the lobbyist said En+ would have to consider a sale to China or nationalization, while the global aluminum market could see a repeat of the turmoil that followed the imposition of the sanctions in April. The Treasury’s Office of Foreign Assets Control, or OFAC, has given investors until Aug. 5 to sell their shares in En+ and Rusal.