The US Treasury softened the terms of sanctions for En+ and Eurosibenergo

The Office of Foreign Assets Control (OFAC) of the US Treasury has extended from June 5 to October 23 the period until which the counterparties of Oleg Deripaska's holding company En +, as well as its member Eurosibnenergo (and companies in which both of them hold over 50% ) must cease operations with them. This is stated in a message on the OFAC website.

Details

• ) published by the department As follows from license No. 16 ( .pdf , we are talking about transactions concluded before April 6, when sanctions were introduced. They include imports to the United States of technologies, services and products of sanctioned companies.
• Earlier, exactly the same relief came into force for UC Rusal, which is also part of En+.
• Despite the fact that the Ministry of Finance has allowed the Ministry of Finance to continue operations with Deripaska's companies until the end of October, all funds from them must be transferred to a special account in the United States, where they will be frozen for the duration of the sanctions. They can only be used to maintain or curtail operations with sub-sanctioned companies (details on this matter are not provided in the OFAC message).

Context

• Sanctions against Oleg Deripaska and the companies controlled by him were introduced on 6 April. However, later the US Treasury softened the terms of the sanctions - first for UC Rusal , and then for the GAZ group . In both cases, the deadlines for terminating contracts with them were extended until October 23.
• The Ministry of Finance also called the main condition for lifting the sanctions - Deripaska's refusal to control his own companies. Work in this direction is already underway .
• A few hours before the easing of sanctions for En +, the decision to leave it was taken by President and CEO Maxim Sokov.

Vladimir Motorin