July 31, 2018 / 9:26 PM / 15 days ago

U.S. Treasury extends time to divest from EN+, GAZ, Rusal

WASHINGTON (Reuters) - The U.S. Treasury Department said on Tuesday that it had extended the deadline for investors to divest holdings in sanctioned Russian companies EN+ (ENPLq.L), GAZ Group (GAZA.MM) and Rusal (0486.HK) to Oct. 23 from Aug. 5.

FILE PHOTO: Aluminium ingots which were made at the Rusal Krasnoyarsk aluminium smelter are seen in this illustration taken May 25, 2018. REUTERS/Ilya Naymushin/File Photo

The U.S. Treasury in April imposed sanctions against billionaire Oleg Deripaska and eight companies in which he is a large shareholder, including aluminum exporter Rusal, in response to what it termed “malign activities” by Russia.

Deripaska has held a controlling interest in En+, which in turn controls Rusal, the world’s largest aluminum producer outside of China. Automaker GAZ is also part of his business empire.

U.S. Treasury Secretary Steven Mnuchin said last week that the United States was in productive talks with Rusal to remove it from Washington’s sanctions list.

The company has taken a number of steps, including revamping its board, in the hope of escaping the U.S. blacklist.

Reporting by Tim Ahmann; Editing by Eric Beech

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