OFAC action on RUSAL and Renova/Sulzer

Sulzer.jpgOFAC has taken the following action as regards US Russia sanctions:

1.      Discussed lifting sanctions on RUSAL if Oleg Deripaska relinquishes his control of the company.

2.      Lifted sanctions on Sulzer, which has confirmed that it is “no longer a blocked party or subject to sanctions under U.S. law” and that “all [its] assets [had been] unblocked” because Renova is now a minority shareholder (48.83% holding). Sulzer had announced that Renova had transferred ownership to Sulzer of 5 million Sulzer shares.

This entry was posted in Russia, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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