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ARTICLE · 28 JANUARY 2019

US Indicates Intent To De-List Entities Owned Or Controlled By Oleg Deripaska

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The delisting of these entities comes as the companies agreed to make certain changes that would bring them into compliance with US sanctions policy.

GlobalInternational Law
A&O Shearman
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US Indicates Intent to De-List Entities Owned or Controlled by Oleg Deripaska After months of delaying the onset of sanctions through repeated license extensions, on December 19, OFAC notified Congress of its intention to terminate sanctions against EN+ Group, United Co. Rusal PLC, and JSC EuroSibEnergo, three entities owned or controlled by sanctioned Russian oligarch Oleg Deripaska. The delisting of these entities comes as the companies agreed to make certain changes that would bring them into compliance with US sanctions policy. Most significantly, the proposals diminish Deripaska's ownership and remove his controlling stake in each company. Both EN+ Group and United Co. Rusal committed to make additional structural changes, including an overhaul of each company's board of directors; a commitment to extensive auditing, certification, and reporting requirements; and other changes to their corporate governance.

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