OFAC set to drop sanctions against Russian firms

En+ Group, UC Rusal and EuroSibEnergo reportedly have committed to sever Russian oligarch Oleg Deripaska’s controlling interests in their operations.

OFAC set to drop sanctions against Russian firms

En+ Group, UC Rusal and EuroSibEnergo reportedly have committed to sever Russian oligarch Oleg Deripaska’s controlling interests in their operations.

OFAC set to drop sanctions against Russian firms

En+ Group, UC Rusal and EuroSibEnergo reportedly have committed to sever Russian oligarch Oleg Deripaska’s controlling interests in their operations.

 
The Treasury Department’s Office of Foreign Assets Control (OFAC) on Wednesday notified Congress that it intends to end sanctions imposed on three Russian energy companies in 30 days.
    The sanctions covered Russian energy firms En+ Group, UC Rusal and JSC EuroSibEnergo.
    OFAC said the companies have completed “significant restructuring and corporate governance changes” that allows them to be delisted from the Specially Designated Nationals and Blocked Persons (SDN) List.
    However, Russian oligarch Oleg Deripaska will remain sanctioned, and his property will remain blocked, the agency said.
    “Treasury sanctioned these companies because of their ownership and control by sanctioned Russian oligarch Oleg Deripaska, not for the conduct of the companies themselves. These companies have committed to significantly diminish Deripaska’s ownership and sever his control,” said Treasury Secretary Steven T. Mnuchin in a statement.
   Mnuchin warned that three companies will be “subject to ongoing compliance and will face severe consequences if they fail to comply.”
    On April 6, OFAC designated En+ for being owned or controlled by, directly or indirectly, Oleg Deripaska and other entities he owns or controls. In that same action, OFAC designated Rusal for being owned or controlled by, directly or indirectly, En+. ESE, a wholly owned subsidiary of En+, also was designated.
    Senate leaders, however, remain skeptical that the Russian energy companies have fully diminished Deripaska’s financial and management involvement in their operations.
    Senate Select Committee on Intelligence Chairman Richard Burr, R-N.C., and Vice Chairman Mark Warner, D-Va., said the financial changes made by the companies “does not change the fact that Mr. Deripaska, his employees, and his companies work at Vladimir Putin’s behest and operate as de facto representatives of the Russian government.”
    The lawmakers said they will “continue monitoring these sanctions’ effects and to hold accountable those who would violate them.”

As a leading U.S. crude oil export port and a major economic engine of Texas and the nation, the Port of Corpus Christi is now the 4th largest port in the United States in total tonnage.

The Port of Oakland in May handled 85,964 TEUs of loaded imports and 78,070 TEUs of loaded exports, up 4.2% and 8.4% year-over-year, respectively.

Most Popular
Latest News
Social Media

Loading...

Concerns aired over West Coast container dwell time

Concerns aired over West Coast container dwell time

Embed this story

Share Code Version 1

This version will embed the story headline and includes HTML fallback protection, ensuring the story will display even if some users decide to disable javascript in their browsers.

Copy & Paste the following code to embed this story on your website:

Preview

OFAC set to drop sanctions against Russian firms

En+ Group, UC Rusal and EuroSibEnergo reportedly have committed to sever Russian oligarch Oleg Deripaska’s controlling interests in their operations.

Dec 20, 2018 on Dec 27, 2018AmericanShipper.com

Share Code Version 2

This version will embed the story headline without any styling applied. Use this version if you will use your own custom styling on your website. This version also includes HTML fallback protection.

Copy & Paste the following code to embed this story on your website:

Preview

OFAC set to drop sanctions against Russian firms

En+ Group, UC Rusal and EuroSibEnergo reportedly have committed to sever Russian oligarch Oleg Deripaska’s controlling interests in their operations.

Dec 20, 2018 on Dec 27, 2018AmericanShipper.com