The U.S. Treasury believes it can curb the influence of Oleg Deripaska over aluminum giant Rusal despite concerns the Russian oligarch may still be able to pull the strings of his business empire from behind the scenes.
Rusal and its parent company En+ were hit with U.S. sanctions in April when Washington blacklisted billionaire Deripaska along with several other influential Russians because of their ties to Russian President Vladimir Putin.
After months of negotiations, Deripaska agreed in late 2018 to reduce his stake in En+ to 44.95 percent from 70 percent in a deal with the U.S. Treasury Department that allowed the punitive measures against Rusal and En+ to be lifted.
While the announcement was a relief to major companies that depend on aluminum, U.S. congressional Democrats demanded further legislation to ensure that Deripaska abides by the deal "in letter and in spirit".
They believe U.S. President Donald Trump let Deripaska off the hook following intense lobbying by some European companies and governments worried about the impact of high aluminum prices and the fate of workers at Rusal’s operations in Europe.
Read the full article and more in Reuters.