June 4, 2018 / 10:16 PM / 10 months ago

U.S. extends deadline for divesting from sanctioned Russian firm En+

FILE PHOTO: A wall sign with the logo of aluminium and power producer En+ Group is seen on the facade of a building in central Moscow, Russia February 13, 2018. REUTERS/Sergei Karpukhin/File Photo

WASHINGTON (Reuters) - The U.S. Treasury Department said on Monday it would give investors with positions in sanctioned Russian firm En+ Group (ENPLq.L) and its subsidiary EuroSibEnergo until Oct. 23 to divest, extending an earlier deadline.

The United States in April imposed sanctions on Russian billionaire Oleg Deripaska and eight companies in which he is a large shareholder, including the world’s second-largest aluminium producer Rusal 04486.HK and its parent holding company En+.

Deripaska controls 66 percent of En+, an umbrella company which manages his aluminium and hydropower businesses. En+ in turn controls 48 percent of Rusal, Deripaska’s main asset.

The U.S. Treasury earlier had extended until Oct. 23 the sanctions compliance deadline for persons invested in Rusal and Russian car maker GAZ (GAZA.MM), another Deripaska-owned firm.

En+ Group on Monday accepted the resignation of the company’s president as part of a plan to persuade the United States to lift sanctions by filling its board with directors not affiliated with Deripaska.

Reporting by Tim Ahmann; Editing by James Dalgleish

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