One of Russia's largest state-owned banks VTB is ready to participate in the implementation of the plan for releasing the En+ Group from US sanctions which has been coordinated with the Office of Foreign Assets Control (OFAC) of the US Treasury Department, the bank's press service told Sputnik on Monday.
MOSCOW (Pakistan Point News / Sputnik - 13th August, 2018) One of Russia's largest state-owned banks VTB is ready to participate in the implementation of the plan for releasing the En+ Group from US sanctions which has been coordinated with the Office of Foreign Assets Control (OFAC) of the US Treasury Department, the bank's press service told Sputnik on Monday.
Earlier in the day, The Financial Times reported, citing sources, that En+ had submitted to the US Treasury the final version of a plan designed to lift the US sanctions against the group. The plan envisages to reduce Oleg Deripaska's share in the company below 45 percent from around 70 percent currently mainly via the transfer of shares to VTB.
"VTB Bank welcomes any decision that will allow to release En+ from US sanctions, and is ready to participate in the implementation of the plan agreed with OFAC," the bank said.
VTB currenltly has a 9.6-percent stake in En+.
As of 15.30 GMT, the company's depository receipts on Moscow Exchange were up 3.21 percent to 289 rubles ($4.26).
In early April, the United States imposed new sanctions against Russia, affecting a number of key businessmen and companies controlled by them. Deripaska's En+ Group and aluminum giant Rusal were among the companies and individuals put on the list. After the billionaire's companies saw their share prices tumbling, the businessman stepped down as director of Rusal, and left En+ Group's board of Directors.
