A division of the U.S. Treasury, responsible for law enforcement in the area of sanctions, OFAC (Office of Foreign Assets Control) on January 28 announced the exception of En+, RUSAL and EuroSibEnergo from the sanctions list
The lifting of the sanctions was worth oligarch Oleg Deripaska, shareholder and corporate control in companies. At the same time Deripaska remains under sanctions, the report said the U.S. Treasury.
In its report, the Department has not brought new details of the output circuit of Deripaska’s companies from the sanctions, except those that have already been disclosed on December 19. Some new facts revealed itself En+.
So, after the OFAC statement, the company reported that Swiss commodities trader Glencore became the owner of 10.55% in En+ Group as part of the exchange deal on this package its share of “RUSAL” at the rate of 8.75%.
This deal was prepared long ago, but due to the introduction in April of last year, sanctions against “RUSAL” was frozen, and eventually became part of the plan to reduce the share of Oleg Deripaska in En+ group for the withdrawal of the company from the sanctions. Until now, the size of the package that will get Glencore, was known only approximately, exactly what he revealed for the first time.
The agreement with Glencore signed on 26 January. Because of “certain regulatory requirements of” the transfer package Swiss trader in the “RUSAL” on the balance of En+, will be held in two stages – about 2% immediately after the lifting of sanctions and the rest of 6.75% a year later.
The rest of the parameters of the plan for the withdrawal of En+ (and with it – “RUSAL”, the parent company of which is En+) from the sanctions list match previously published by the U.S. Treasury. VTB receives the shares of En+, which had previously been mortgaged for the loans issued by the Bank to the structures of Deripaska. To vote these shares will be American trusts. Part of its stake in En+ Deripaska reports to the charitable Fund. In General, his share in the En+ is reduced from about 70% to 44,95%, while the vote he will be able not more than 35% of the shares.
VTB is already a shareholder of the company to agreed with OFAC changes to the Bank directly owned 9,62% En+. Participation VTB in the scheme, which will reduce the share of Deripaska in En+ was discussed from the very beginning of its development. New York Times a few days ago, citing sources reported that following the transfer of the shares of Deripaska VTB will be about 24% in En+. In a statement final share of the Bank is not named, but the package Glencore sources NYT called exactly (10,55%).
In addition, part of the package in En+ Deripaska will pass charitable Foundation “Volnoe Delo”. In the message of share is not mentioned, the NYT wrote that the question of 3,22%.