[ferro-alloys.com]The US Office of Foreign Assets Control OFAC announced that it has lifted sanctions on Russian aluminum producer Rusal, copper and ferromolybdenum producer EN+ Group, and JSC EuroSibEnergo on Monday.

The measure follows its notice to Congress on December 19 where OFAC expressed its intent to lift the sanctions, given that the companies have reduced direct and indirect shareholding stakes of Oleg Deripaska, who has been on OFAC list of Specially Designated Nationals and Blocked Persons.

"This action ensures that the majority of directors on the En+ and Rusal boards will be independent directors -- including U.S. and European persons -- who have no business, professional, or family ties to Deripaska or any other SDN, and that independent US persons vote a significant block of the shares of En+," OFAC said.

Oleg Deripaska's shareholding in EN+ has been cut to 44.95% from 70%, and his voting rights has been further reduced to 35% following the sanctions, according to the company. EN+ is also a Rusal shareholder.

The companies have also agreed to unprecedented transparency into their operations by undertaking extensive, ongoing auditing, certification, and reporting requirements. All sanctions on Deripaska continue in force, OFAC added.

OFAC sanctioned Deripaska and the three companies he controlled on April 6, 2018, for allegedly supporting Russia's "malign behavior in Syria and Ukraine," OFAC had said previously.

Rusal is the second largest aluminum producer in the world.

(S&P Global Platts)

• [Editor:王可]