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News & Press: Industry News

Trump is ready to lift sanctions on aluminum producer Rusal

Thursday, December 20, 2018  
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The Trump administration is ready to remove sanctions on Russian billionaire Oleg Deripaska’s aluminum company, United Co. Rusal, after reaching an agreement to significantly reduce his ownership stake, according to an article by Bloomberg.

Deripaska will remain under U.S. sanctions and his property will remain blocked, but the Treasury Department intends to remove financial restrictions on Rusal, En+ Group Plc and EuroSibEnergo JSC. The move will take effect in 30 days unless Congress blocks the action, Treasury said in a statement.

Treasury Secretary Steven Mnuchin said Rusal and the other companies will "be subject to ongoing compliance and will face severe consequences if they fail to comply."