01:45 GMT +318 August 2018
Listen Live
    Олег Дерипаска

    Deripaska Steps Down as Director of Russian Aluminum Giant Rusal

    © RIA Novosti . Anton Denisov
    Business
    Get short URL
    203

    MOSCOW (Sputnik) - Russian billionaire businessman Oleg Deripaska has stepped down as director of Russia's aluminum giant Rusal, the company announced.

    "Oleg Deripaska, non-executive director of the Company, has tendered his resignation as a director of the Company with effect from 25 May 2018," the company's statement said.

    Earlier, Oleg Deripaska has left his position as president of the aluminum company Rusal and En+ energy group in order to head the Nornickel company, specializing in nickel and palladium.

    On Thursday, Rusal announced the resignation of its chief executive Alexandra Bouriko and seven other board members.

    This move comes a week after En+ Group, a firm that controls assets of the US-blacklisted businessman, said Deripaska had left its Board of Directors as part of the plan to have US sanctions on it lifted by reducing his stake below 50 percent.

    On May 2, the US Treasury issued a guidance related to Russia's Rusal and En+ Group, saying the United States could reverse sanctions on the companies if Oleg Deripaska cedes control of the companies.

    In early April, the United States imposed new sanctions against Russia, affecting a number of key businessmen and companies controlled by them. Billionaire Deripaska and his En+ Group, GAZ, Basic Element and Rusal companies were included on the list.

    Related:

    Treasury Extends Deadline for Investors to Divest Holdings in Rusal, En+
    Russian Aluminum Giant Rusal Announces Resignation of Top Executives
    US Extends Reprieve for Secondary Sanctions Against Aluminum Giant RUSAL
    Russian Aluminuim Maker Rusal Posts $470 Net Profit for First Half of 2017
    Tags:
    resignation, sanctions, US Department of Treasury, Rusal, Oleg Deripaska, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment