On 19 December 2018, the U.S. Department of Treasury, Office of
Foreign Assets Control (OFAC) notified Congress that it intended to
remove En+ Group plc (En+), UC Rusal plc (Rusal), and JSC
EuroSibEnergo (ESE) from the Specially Designated Nationals (SDN)
List.
As discussed in our previous
client alert, En+ was initially designated in April 2018 for
being owned/controlled by Oleg Deripaska, an influential Russian
oligarch who was also sanctioned, pursuant to Executive Orders
13661 and 13662. At the same time, OFAC designated Rusal because it
was owned/controlled by En+ and ESE for being owned/controlled by
En+ and Mr Deripaska, pursuant to the same Executive Orders. Since
then, OFAC has issued a number of
general licenses authorizing certain transactions necessary to
maintenance or wind-down of operations or existing contracts with
these companies.
