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 SDN List

Date issued: Dec. 19 2018

Last substantive commentary amendment:
Apr. 03 2026

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TURBOFAC Commentary (1025 words)

Notes:

[2026-04-04 update - read in light of OFAC's 2026 Sham Transactions Guidance. The below has not yet been updated to reflect the issuance of the Sham Transactions Guidance].

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...