ibusinesslines.com August 17, 2018

Ukraine has published the expanded list of sanctions against Russian Federation

25 May 2018, 12:29 | Melissa Porter

Russian Billionaires Plan to Party Without Rusal CEO Deripaska

Russian Billionaires Plan to Party Without Rusal CEO Deripaska

On May 24, Russian aluminium manufacturer Rusal announced its CEO and seven members of its board of directors would step down. The US will consider lifting the sanctions if Deripaska relinquishes control of his companies.

Bouriko has been replaced as CEO for the time being by Evgeny Nikitin, the head of Rusal's aluminum business, the company said in a statement.

They are Vladislav Soloviev, Siegfried Wolf, Maxim Sokov, Dmitry Afanasyev, Gulzhan Moldazhanova, Olga Mashkovskaya and Ekaterina Nikitina. None of them have offered themselves for re-election at the company's annual meeting on June 28, when their tenures end.

Rusal is trying to secure its survival by convincing the US Treasury to roll back its penalties under a proposal that would reduce the influcence of Russian oligarch Oleg Deripaska at the´╗┐ firm.

Entities on the SDN list are not able to trade in United States dollars or with U.S. citizens or banks, which makes business extremely hard for any multinational corporation.

"As at the date of this announcement, the company has not received any formal resignation from Mr Deripaska", it added.

In a "frequently asked questions" list on its website, the Treasury said funds would remain blocked by US sanctions if they were not being directed to maintenance or wind down activities.

At the end of May, Deripaska's firms En+, Rusal and carmaker GAZ were removed from the USA sanctions list while the businessman remained subject to the measures.

On April 23, the US Treasury said it would consider lifting sanctions on Rusal if Deripaska ceded control, while extending the deadline for companies to exit dealings with Rusal by nearly five months, to October 23 this year.

Rusal is the parent company of Aughinish Alumina in Co Limerick.

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