December 20, 2018 / 6:22 PM / 6 months ago

U.S. grants more time for divestment from sanctioned Russian firm GAZ

WASHINGTON (Reuters) - The United States on Thursday gave investors more time to divest from Russian vehicle-maker GAZ Group, one day after announcing plans to drop sanctions against two other Russian firms tied to sanctioned Russian oligarch Oleg Deripaska.

The U.S. Treasury said it would allow investors until March 7 to divest from GAZ, and it granted businesses a matching reprieve in terms of how much time they would have to wind down operations and contracts involving the Deripaska-tied firm.

Previously, the deadline for both had been Jan. 21.

On Wednesday, the U.S. Treasury said it planned to lift sanctions on the core of Deripaska’s empire, including aluminum giant Rusal (0486.HK) and its parent En+ (ENPLq.L).

While Deripaska remains under U.S. sanctions, the Treasury said Rusal, EN+ and power firm EuroSibEnergo had agreed to restructure to reduce Deripaska’s stakes.

(The story corrects day of week in fourth paragraph)

Reporting by Tim Ahmann; Editing by Dan Grebler and Richard Chang

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