The U.S. Department of Treasury announced on Friday that it has decided to delay the implementation of sanctions on three Russian companies for four more weeks.
The move has been seen as an extension to give the companies' top shareholder Russian tycoon Oleg Deripaska more time to cut down his stakes.
The Treasury said in a statement that it will extend its sanctions date on EN+ Group, United Company RUSAL, and GAZ Group from Dec. 12 to Jan. 7, 2019. The three Russian companies was designated in April for the connections with Deripaska.
"EN+, RUSAL, and GAZ are proposing substantial corporate governance changes that could potentially result in significant changes in control of these sanctioned entities," said a Treasury spokesperson in the statement.
The sanctions have been delayed several times since its announcement in April.
The move has been seen as an extension to give the companies' top shareholder Russian tycoon Oleg Deripaska more time to cut down his stakes.
The Treasury said in a statement that it will extend its sanctions date on EN+ Group, United Company RUSAL, and GAZ Group from Dec. 12 to Jan. 7, 2019. The three Russian companies was designated in April for the connections with Deripaska.
"EN+, RUSAL, and GAZ are proposing substantial corporate governance changes that could potentially result in significant changes in control of these sanctioned entities," said a Treasury spokesperson in the statement.
The sanctions have been delayed several times since its announcement in April.
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