EN+ has warned it might consider a sale to China or nationalisation by Russia if it cannot secure a temporary reprieve from US sanctions to push through the final phase of a plan for oligarch Oleg Deripaska to cede control of the energy-to-aluminium business.
The plan, which has been filed with the Office of Foreign Assets Control (Ofac) by US-based lobbyist Mercury, would see Mr Deripaska and his family members transfer their assets to an “approved organisation or trustees”.
An escrow account “that satisfies Ofac requirement to ensure that Mr Deripaska does not derive any financial benefit while he remains on the SDN [sanctions] list” would be set up, according to the Mercury filing.