The Russian owner of the company as at odds with the U.S. position on sanctions

  • The Russian owner of the company as at odds with the U.S. position on sanctions
    Independent.t. E.
    The Russian billionaire, whose business Empire includes the company aughinish Alumina plant in Limerick sees us demands for lifting sanctions on the aluminium producer United company RUSAL, as unacceptable, complicating negotiations with the U.S. Treasury, according to people familiar with his thinking.
    https://www.independent.ie/business/world/aughinishs-russian-owner-at-odds-with-us-sanctions-stance-37180143.html
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The Russian billionaire, whose business Empire includes the company aughinish Alumina plant in Limerick sees us demands for lifting sanctions on the aluminium producer United company RUSAL, as unacceptable, complicating negotiations with the U.S. Treasury, according to people familiar with his thinking.

Watch Russian billionaire Oleg Deripaska shows that negotiations with the Ministry of Finance of the USA are not going very smoothly, despite the global aluminium market has returned to previous levels – a sign that traders believe the deal is imminent.

Mr. Deripaska considers that the requirements of the USA have no economic sense and is close to “enslavement,” said the man, who asked not to be named because the negotiations are confidential. Press Secretary Mr. Deripaska declined to comment.

There is still time for both sides to find a common language.

Greg Barker, Chairman of the EN+ group is negotiating with the Treasury and went to Washington in the hope of achieving the transaction, according to one of the people. Negotiations are continuing and progress, said the man.

Last month, Finance Minister Steven Mnuchin said that the Treasury was in “productive discussions” with RUSAL to resolve the issues.

Even so, the rigid position of the Russian billionaire boosts the possibility of no agreement until October 23, when the full force of US sanctions should come into force, a situation that could once again unleash chaos in the aluminium market.

The US Treasury has the ability to simply extend the deadline to allow more time for negotiations.

Without the lifting of sanctions, the company EN+, which controls the PC 48 of RUSAL, will have to consider selling to China or nationalization, according to the register last month lobbyist for company, mercury.

The Minister of industry of Russia Denis Manturov said in April that the possibility of temporary seizure of RUSAL to the state or a state Bank can not be excluded.

To convince the US to lift sanctions, Mr. Barker proposed a plan that would require Deripaska to step away from your business but still keep some property.

Mr. Deripaska agreed to reduce its stake in EN+ less than 50pcs, from 66pc to appoint a majority of independent Directors.

Treasury stated that it may allow him to retain ownership of the company EN+ group in the mid-40 range, people said in may.

EN+ group and identified potential new Directors, and Deripaska and his family members plan to transfer the shares to a trust that will reduce its share to less than 50pcs, according to its lobbying of mercury.

To implement the plan, the company EN+ group, last month asked the Treasury with a request to temporarily lift the sanctions.

Instead, OFAC extended the deadline, indicating that he is willing to continue negotiations but unwilling to accept the proposals of Deripaska. (Bloomberg)

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