News

CLIENT ALERT: U.S. MODIFIES RUSSIAN SANCTIONS AGAINST UNITED COMPANY RUSAL EXTENDING TIME TO WIND DOWN CONTRACTS

In our Client Alert of April 12, 2018 we reported that on April 6th the United States Office of Foreign Assets Control (“OFAC”) designated 12 Russian companies to the U.S. Specially Designated Nationals List (“SDN list”), including United Company Rusal PLC (“Rusal”), which is the world’s second largest producer of aluminum and a major shipper of both raw products and finished materials. Rusal’s designation to the SDN List meant that U.S. persons could no longer transact any business with Rusal and that non-U.S. persons could not engage in “significant transactions” with Rusal. Simultaneous with the April 6th designations, OFAC also issued General License No. 12, which gave U.S. persons until June 5, 2018 to wind down ongoing transactions with Rusal. To read the full Client Alert, click here