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.
Deripaska will remain under US sanctions and his property will remain blocked, but Treasury intends to remove financial restrictions on Rusal, En+ Group and JSC EuroSibEnergo. The move will take effect in 30 days unless Congress blocks the action, the Treasury Department said in a statement Wednesday. Shares in the company traded in Hong Kong jumped almost 27% at the open in Asia on Thursday.