OFAC Director Andrea Gacki explained in the Treasury's notice that the three companies had agreed to make significant changes that would include reducing Deripaska's direct and indirect shareholdings in the entities to below 50 percent.
Rusal and EN+ have also agreed to overhaul the composition of their boards of directors and take other restrictive steps related to corporate governance, Gacki said. In addition, the three firms have committed to "unprecedented transparency" by undertaking extensive audits and reporting requirements.
Meanwhile, Rusal shares skyrocketed in the Hong Kong Stock Exchange in early trading on Thursday. In particular, the shares of Russian aluminum giant shares went up to 2.8 Hong Cong dollars ($0.36) per share in the wake of the US Treasury revealing its plans to lift sanctions on the company.
The three companies later petitioned OFAC to be delisted and were able to settle on terms that were acceptable to OFAC, the Treasury Department said. Lord Gergory Barker, a former minister of state for the United Kingdom, led the negotiations on behalf of the petitioners, the Treasury Department said.