Deripaska left UC Rusal board of directors

Deripaska left UC Rusal board of directors
Oleg Deripaska

Oleg Deripaska withdrew from the board of directors of UC Rusal over US sanctions. A day earlier, the management of the company resigned. Changes in the company's management became a part of the plan to evade the sanctions.

Russian businessman Oleg Deripaska left the UC Rusal board of directors to protect the company's interests against the backdrop of the US sanctions. This is stated in the company's message posted on the Hong Kong Stock Exchange.

"Following the efforts of the company's management to protect its interests and shareholders, following the introduction of US sanctions, Oleg Deripaska, the non-executive director, resigned on May 25, 2018," the report states. Deripaska confirmed that he does not have any disagreements with the board of directors and there are no other reasons for his resignation, which should be reported to shareholders.

On Thursday, May 24, UC Rusal announced the resignation of its general director Alexandra Buriko and Evgeny Nikitin was appointed its CEO. In addition, since June 28, members of the En+ board of directors, which is controlled by Deripaska, have left their posts. They are Vladislav Soloviev, Siegfried Wolf, Maxim Sokov, Dmitry Afanasyev, Gulzhan Moldazhanova, Olga Mashkovskaya and Ekaterina Nikitina.

The change of the company's management is aimed at removing UC Rusal from the US sanctions list. Deripaska and his UC Rusal and En+ were subject to sanctions on April 6.

On May 18, Oleg Deripaska left the board of directors of En+. The company's statement explained that the board of directors had adopted the Barker's plan (named after the predecessor of the board Gregory Barker), implying the removal of sanctions from the company by reducing the share of Deripaska below 50%. The US Department of the Treasury had previously published an explanation, from which it followed that the loss of control over En+ and UC Rusal could lead to the removal of sanctions from the company.

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