US Sanctions relating to Russia - En+, Rusal and JSC EuroSibEnergo delisted

Members will be aware that the US Dept of the Treasury’s Office of Foreign Assets Control (“OFAC”) has previously given repeated extensions of time for winding down operations and contracts with En+ Group PLC (“EN+), UC Rusal PLC (“Rusal”), JSC EuroSibEnergo (“ESE”) and GAZ Group, reported in previous News Alerts (click here).

Members should note that as of 27 January 2019, OFAC has lifted sanctions imposed on EN+, Rusal and ESE. No mention is made in the OFAC press release of GAZ Group. So far as the Club is aware at the date of this Alert, GAZ Group remains a sanctioned entity.

A copy of the US Department of the Treasury’s press release is available here.