Will US Treasury drop Rusal sanctions?

The U.S. Treasury said it would provide sanctions relief to Rusal if Oleg Deripaska relinquished control, according to statement. It also extended the deadline for companies to wind down dealings with the Russian aluminum producer by almost five months.

Treasury Secretary Steven Mnuchin said the US is considering a petition from Rusal to remove it from the sanctions list.

"Rusal has felt the impact of U.S. sanctions because of its entanglement with Oleg Deripaska, but the U.S. government is not targeting the hardworking people who depend on Rusal and its subsidiaries," Bloomberg cited him as saying.

The Office of Foreign Assets Control (OFAC) of the US Treasury extended the deadline for ending transactions with the Russian aluminum producer Rusal until October 23, 2018, the OFAC said.

The US citizens were earlier ordered to close effective contracts and terminate interaction with the company by June 5.