Russia’s En+ OFAC plan

ENn+.pngEn+ Group has presented its proposal to OFAC to release it from the US sanctions which were imposed on 6 April 2018.

Oleg Deripaska has agreed to reduce his current stake in En+ Group to below 45% (currently around 66%), principally through the transfer of shares to Russian bank VTB. VTB will sell the shares into the market, but during the period it has control of those shares, their voting rights will be controlled by two US citizens appointed by En+ Group. OFAC has yet to decide on whether to approve the plan.

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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