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AGREEMENT BETWEEN EN+ GROUP PLC, UC RUSAL, AND OFAC ON THE TERMS OF REMOVAL OF EN+ GROUP PLC, UC RUSAL PLC, AND JSC EUROSIBENERGO FROM THE LIST OF SPECIALLY DESIGNATED NATIONALS AND BLOCKED PERSONS
En+ Group PLC ("En+"), UC Rusal plc ("Rusal"), JSC EuroSibEnergo (“ESE”), and the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) (referenced collectively as the “parties”) hereby enter this agreement (“Agreement”) for the removal of En+, Rusal, and ESE (collectively, "the petitioners") from the OFAC List of Specially Designated Nationals and Blocked Persons ("SDN List”). The removal will be conditioned upon agreement and adherence by the petitioners to the conditions set forth in the following paragraphs. All information provided to OFAC should be accompanied by a certification from an appropriate officer of En+, Rusal, or ESE.
WHEREAS, on April 6, 2018, OFAC designated En+ for being owned or controlled...
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1) For commentary on the portions of this agreement that were disclosed to the public at the time of its execution, see OFAC Notification to Congress of its Intention to Terminate the Sanctions Imposed on En+ Group plc, UC Rusal plc, and JSC EuroSibEnergo.
2) Commentary on the difference between the Notification and the full agreement follows below:
I) Advantage Deripaska?
Comparing the executed TOR Agreement to the Treasury’s concurrently published “Notification to Congress,” there appears to be some fodder for those that were skeptical of the restrictiveness of the deal when it was initially announced.
There is, for example, language in the Notification to Congress suggesting, but not saying concretely, that “Deripaska…seek[ing] to influence” the delisted companies could be a breach of the TOR Agreement. The TOR Agreement, by contrast, seems rather clear that “influence” short of “control”...