Oleg Deripaska’s companies have been targeted by the US Treasury because of his links to the Kremlin
Oleg Deripaska has agreed to relinquish control of his global metals empire in a bid to free it from crippling US economic sanctions.
The Russian oligarch’s companies have been targeted by the US Treasury because of his links to the Kremlin.
But last night it emerged Deripaska, 50, was prepared to sell down his stake in EN+, the parent company of aluminium producer Rusal, from about 70 per cent to less than 50 per cent.
It followed discussions with Lord Barker, EN+ Group’s chairman, who has been under pressure to step down from the firm.
Deripaska also agreed to resign from the company’s board, which will be overhauled to mainly consist of independent directors.
EN+ Group said it had submitted its proposals to US officials and was waiting for a response.
Washington imposed sanctions on Deripaska and several companies, including Rusal, in which he is a major shareholder earlier this month in response to what the US called Russia’s ‘malign activities’.
Rusal, which is the world’s biggest aluminium producer outside China, has seen customers stop buying its aluminium and creditors scramble to offload debt.