The Trump administration announced on Wednesday plans to lift sanctions imposed on companies owned by an oligarch with close ties to Russian President Vladimir Putin, reports The Hill.
The Treasury Department said it would lift financial sanctions on Russian oligarch Oleg Deripaska’s aluminum company, United Co. Rusal, as well as En+ Group plc and JSC EuroSibEnergo in 30 days after Deripaska agreed to reduce his ownership in each of the companies to below 50 percent. The sanctions were imposed in April under a law passed by Congress to punish Russia for interfering in the 2016 presidential election.
The billionaire aluminum magnate will remain sanctioned and his property blocked.
“Treasury sanctioned these companies because of their ownership and control by sanctioned Russian oligarch Oleg Deripaska, not for the conduct of the companies themselves,” Treasury Secretary Steven Mnuchin said in a statement.
“These companies have committed to significantly diminish Deripaska’s ownership and sever his control. The companies will be subject to ongoing compliance and will face severe consequences if they fail to comply,” he continued.
The decision to lift the sanctions could still be blocked by Congress.