WASHINGTON – The United States on Monday opened the door to sanctions relief for Russian aluminum producer United Company Rusal Plc, saying it was considering a company bid to avoid US sanctions and would weigh the impact on American allies and partners.
The news sent shares in Rusal, one of the world's largest aluminum companies, up more than 13%.
In a statement, the US Treasury Department said Americans have until October 23 to wind down their business with Rusal and that the United States was not trying to harm those who depend on the company.
"RUSAL has felt the impact of US sanctions because of its entanglement with Oleg Deripaska, but the US government is not targeting the hardworking people who depend on RUSAL and its subsidiaries," US Treasury Secretary Steven Mnuchin said.
The United States could provide sanctions relief if Deripaska ceded control of the company, the department said.
Washington imposed sanctions on Rusal earlier this month citing ties to Deripaska, who is among seven Russian oligarchs sanctioned as part of larger action targeting Moscow's "malign activities" around the world.