situation report

Jan 28, 2019 | 14:47 GMT

1 min read

Russia: U.S. Treasury Department Formally Lifts Sanctions on Rusal, EN+

What Happened: The U.S. Treasury Department has formally lifted sanctions against Russian aluminum corporation Rusal and its parent company, EN+, The Moscow Times reported Jan. 28. According to an official statement by the Office of Foreign Assets Control, the companies have reduced Oleg Deripaska's shareholding stakes and degree of control in the firms.

Why It Matters: The United States decided to formally lift the sanctions after months of negotiations between Rusal and the U.S. Treasury Department to reduce Deripaska's stake in the companies. Rusal is Russia's largest aluminum company and the move will alleviate some pressure on the country's economy, although Washington is not planning to lift any other sanctions on Russia.

Background: The United States imposed sanctions on Rusal and EN+ in April 2018 under the Countering America's Adversaries Through Sanctions Act, which caused global aluminum prices to soar by double digits.

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