82-522: En+ Group plc is a green energy and metals company. It has a controlling stake in Rusal , one of the world's largest aluminum producers outside of China. EN+ was founded by Oleg Deripaska By using hydroelectricity to power its smelters, EN+ Group’s manufacturing process generates 80% less emissions than coal-burning manufacturers in China. The company has set ambitious goals for achieving net-zero emissions in
164-537: A 50/50 share joint venture with Israeli automotive component manufacturer Omen High Pressure Die Casting to produce automotive components. Resulting from massive overcapacity in the aluminium market due to China increasing its output of primary aluminium, global aluminium prices fell in the years 2007 to 2013, leading Rusal to report a loss of US$ 3.2bn in 2014. The company asked creditors to agree to delay payments on part of its US$ 10bn net debt pile. In August that year, national and international lenders agreed to allow
246-729: A U.S. citizen was convicted of violating the Iran Trade Embargo for failing to request Iranian currency transfer licenses in advance from OFAC. On August 25, 2010, the Iranian American Bar Association announced that it would file an amicus curiae brief with the Court of Appeals for the Second Circuit on United States v. Banki . It has also hired lawyers to request further guidance from OFAC on import of goods from Iran. In 2014, OFAC reached
328-485: A carbon footprint of less than 8 tons of carbon dioxide per ton of aluminum produced. Rusal has targeted reducing Allow’s carbon footprint to a level of less than 2 tons of carbon dioxide per ton of aluminum. En+ Group operates generating assets with 19.6 GW of installed electricity capacity. As of 31 December 2016, hydro power plants accounted for 76.6% (15.1 GW) of the Group's installed electricity capacity, which makes
410-581: A commodities agent and broker at the Moscow Trade Stock Exchange (Moskovskaya Tovarnaya Birzha (MTB)) and then at the Russian Commodities and Raw Materials Exchange (Rossiyskaya Tovarno-Syryevaya Birzha (RTSB)). As a broker, Deripaska dealt in a wide range of commodities, including aluminium. His work also included trading with major Russian aluminium smelters. Between 1991 and 1994, companies set up by Mr. Deripaska with
492-453: A controlling stake of 48.13%, along with Onexim Group (13.7%) and SUAL (15,80%). 8.75% is owned by Amokenga Holdings, Toni Shterev owns 00.1% of the shares Rusal.a wholly owned subsidiary of Glencore. The remaining 13.37% account for the public float, and shareholding by the company management (0.25%). It was announced on 11 August that Onexim agreed to sell 7% of its Rusal stake to SUAL. In February, Onexim had already sold 3.3% to SUAL. Once
574-553: A court order is required. As of October 7, 2015, the SDN List had more than 15,200 entries from 155 countries. Of those, 178 entries were for aircraft and 575 entries were for ships ("vessels"). The remaining 14,467 entries were for designated individuals and organizations. OFAC creates separate entries in the SDN list for each alias of a designee, so the number of entries does not reflect the number of designees. On September 21, 2021,
656-589: A cryptocurrency exchange was included in the sanctions list for first time for helping launder illicit funds having source from ransomware attacks. The amounts laundered are more than $ 160 million between 2018 and 2021. OFAC publishes a list of Sectoral Sanctions Identifications (SSI), which lists persons, companies, and entities in sectors of the Russian economy (especially energy, finance, and armaments), prohibiting certain types of activity with these individuals or entities by US persons, wherever located. This list
738-546: A joint venture with Indian firm Runaya Metsource for producing aluminum paste and powder, with commercial activities set to commence in 2018. In 2021, the company's revenue amounted to 596 billion rubles. In April 2022, Rusal America Corporation was sold to former executives Brian Hesse and Andrey Donets and subsequently renamed PerenniAL. In October 2023, Rusal acquired a 30% stake in China's Hebei Wenfeng New Materials (HWNM) for 1.91 billion yuan ($ 261.6 million). As of 2016, UC Rusal's biggest shareholders are En+ Group with
820-794: A licence to develop bauxite mines in Guyana and the Bauxite Company of Guyana was subsequently founded. From 2004 to 2006, RUSAL acquired several strategically important assets around the globe. In 2004, RUSAL acquired a 90% interest in the Boxitogorsk alumina refinery in Russia and increased its holding in the Nikolaev alumina refinery to 100%. In 2005, RUSAL bought a 50% stake in the Komi alumina project from SUAL and became its partner in
902-438: A majority of independent directors. In addition to Chairman Lord Barker, the board has four board seats appointed by Deripaska and eight independent directors: Christopher Burnham , Andrey Sharonov, Carl Hughes, Joan MacNaughton, Timur Valiev, Zhanna Fokina, Thurgood Marshall, Audrey Yanovsky, Vadim Geraskin, and Elena Nesvetaeva. Following Russia’s 2022 invasion of Ukraine, Barker resigned as chairman along with Joan MacNaughton,
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#1732783756322984-533: A non-executive director. Christopher Bancroft Burnham was appointed chairman in March 2022 to replace Barker. In January 2021, En+ Group announced a significant emissions reduction target with plans to cut greenhouse gas (GHG) emissions by at least 35% by 2030. The effort also set a goal of achieving net zero GHG emissions by 2050. As part of this clean energy modernization effort, the company began replacing hydraulic units at its Bratsk hydropower plant. The work, which
1066-600: A privatisation process a 77.5% equity interest in the Aluminium Smelter Company of Nigeria ( ALSCON ). The Group acquired a further 7.5% equity interest in ALSCON from MAN Ferrostaal AG in January 2008. In late March 2007, the merger between RUSAL, its domestic competitor SUAL, as well as the bauxite and alumina assets of Swiss commodities trading group Glencore , created UC RUSAL. The merger created
1148-512: A record $ 963 million settlement with the French bank BNP Paribas , which was a portion of an $ 8.9 billion penalty imposed in relation to the case as a whole. Appointment as OFAC director is not subject to Senate confirmation. OFAC publishes a list of Specially Designated Nationals (SDNs), which lists people, organizations, and vessels with whom U.S. citizens and permanent residents are prohibited from doing business. This list differs from
1230-735: A state-owned investment company in Abu Dhabi, purchased a 2.6% stake in En+ Group from Polina Yumasheva, the former wife of Oleg Deripaska . In April 2018, the United States Treasury Department's Office of Foreign Assets Control (OFAC) included En+ Group among a list of 38 Russian entities being sanctioned in response to Russian interference in U.S. elections, violence in Ukraine, cybercrimes, and supplying Syria with weapons. Both EN+ Group and RUSAL were included on
1312-587: A strategic investment in Norilsk Nickel and a 50% interest in the BEMO Project (a joint venture between UC RUSAL and RusHydro comprising Boguchansk HPP and Boguchansk aluminium smelter ). In 2017 En+ Group's Metals segment produced 3,707 thousand tonnes of aluminium, 7,773 thousand tonnes of alumina and 11,645 thousand tonnes of bauxites . Rusal began producing a low-carbon aluminum brand called Allow in 2017. The material has been reported to have
1394-553: A string of mergers and acquisitions, particularly that of Norilsk Nickel, UC Rusal had a high level of debt, which was exacerbated by the onset of the global financial crisis in 2008. In order to be able to retain its stake in Norilsk Nickel, and to avoid having to float the stake to foreign lenders, UC Rusal received a $ 4.5 billion loan from Russian state bank Vnesheconombank to repay debts to foreign creditors. As part of its debt consolidation efforts in 2009, UC Rusal reduced
1476-729: A threat to U.S. national security. Founded in 1950 as the Division of Foreign Assets Control, since 2004 OFAC has operated under the Office of Terrorism and Financial Intelligence within the Treasury Department. It is primarily composed of intelligence targeters and lawyers. While many of OFAC's targets are broadly set by the White House , most individual cases are developed as a result of investigations by OFAC's Office of Global Targeting (OGT). Sometimes described as one of
1558-556: Is a member of the Global Sustainable Electricity Partnership, a non-profit organisation whose members are the world's leading electricity companies, supplying energy to over 1.2 billion customers. In 2017, En+ Group produced 68.4TWh of electricity and 26.7mn Gcal of heat. In 2015 En+ Group commenced the operations of the Abakan solar power plant. Its installed capacity is 5.2 MW, which makes it
1640-585: Is executed by OFAC by issuing regulations that direct financial institutions accordingly. As part of its efforts to support the Iraq sanctions , in 2005, OFAC fined Voices in the Wilderness $ 20,000 for gifting medicine and other humanitarian supplies to Iraqis. In a similar case, OFAC imposed and attempted to collect a $ 10,000 fine, plus interest, against peace activist Bert Sacks for taking medicine to residents of Basra ; charges against Sacks were dismissed by
1722-530: Is expected to be completed by 2026, will reduce the group’s greenhouse gas emissions. Responding to a report that 67 percent of consumers favored carbon-labelling of products, EN+ group chairman Lord Barker went on record suggesting that manufacturers of cans and containers made from green aluminum may respond by labeling the source of the raw material used to produce packaging for their products. EN+ Group subsidiary Rusal signed an agreement in September 2021 with
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#17327837563221804-585: Is maintained following the issuance of EO 13662 Blocking Property of Additional Persons Contributing to the Situation in Ukraine on March 20, 2014, in accordance with 79 FR 16167. On August 13, 2014, the Treasury Department issued guidance for entities under sectoral sanctions. It increased the number of entities on the sectoral sanctions identifications list by adding subsidiaries of entities under sectoral sanctions that hold 50% or greater ownership by an entity under sectoral sanctions either individually or in
1886-493: The Angara and Yenisei river cascades. These plants provide sustainable, low carbon and low-cost power for Russian industrial facilities, including Metals segment's core aluminium smelters. The Group believes that it benefits from lower operating costs compared to other hydro power generation companies in part due to the geographic location, scale and efficient management of the power generating assets. En+ Group's Energy segment
1968-822: The Bratsk , Krasnoyarsk , Sayanogorsk , and Novokuznetsk aluminium smelters, the Achinsk and Boksitogorsk alumina refineries and the Russian National Aluminium and Magnesium Institute (VAMI) to 100% in November 2006, and in Sayanal in June 2007. In order to stay competitive, the VAMI and SibVAMI aluminium and magnesium research institutes became the backbone for engineering and technology centres involved in
2050-686: The Friguia bauxite and alumina complex and Bauxite of Kindia Company in Guinea to secure bauxite and alumina supply for its Russian smelters. In 2002, Rusal also set up the Engineering and Technology Center in Krasnoyarsk, which is now the foundation of the company's internal R&D projects. In 2003, Millhouse Capital sold its 50% stake in Rusal to Basic Element, which held the remaining half of
2132-642: The Khakas aluminium smelter in Russia, one of the most advanced aluminium production facilities in the world. RUSAL also acquired a 56.16% equity interest in the Sardinian alumina refinery, Eurallumina. In May 2006, RUSAL and RusHydro signed a co-operation agreement for the construction of the Boguchanskaya hydropower station (HPP) and the Boguchansky aluminium smelter. RUSAL increased ownership in
2214-562: The NYSE Euronext in Paris. August 2011 saw Rusal reach an agreement with Sberbank to extend the maturity of debts until 2016, thereby cancelling VEB's loan used to repay debts to lenders. In October 2011, UC Rusal announced that it had completed all debt refinancing of outstanding payments worth $ 11.4 billion. As a result, the company was freed from all investment and dividend payment restrictions, and announced new investments into
2296-655: The United Kingdom in retaliation for the impressment of American sailors. Predecessor agencies of the Division of Foreign Assets Control include Foreign Funds Control (FFC), which existed from 1940 to 1947, and the Office of International Finance (1947 to 1950). FFC was established by Executive Order 8389 as a unit of the Office of the Secretary of the Treasury on April 10, 1940. The authority to establish FFC
2378-474: The "most powerful yet unknown" government agencies, OFAC has the power to levy significant penalties against entities that defy its directives, including imposing fines, freezing assets, and barring parties from operating in the U.S. Involvement of the U.S. Department of the Treasury in economic sanctions against foreign states dates to the War of 1812 , when Secretary Albert Gallatin administered sanctions against
2460-694: The Ashinaga Foundation providing financial and educational support to children; the Yul Foundation supporting the learning process and psychological rehabilitation of pupils; and donations to the Ishinomori Mangattan Museum in Miyagi Prefecture for the city's reconstruction of cultural attractions. In 2012, Rusal donated 25 tonnes of medical supplies to Sierra Leone to control the outbreak of cholera in
2542-712: The BEMO 50/50 joint venture between UC RUSAL and RusHydro) began operations with a production capacity of 149 thousand tonnes. 2017 : En+ successfully lists on the London Stock Exchange , raising $ 1.5 billion from international investors, valuing the company at $ 8 billion. The IPO was largest Russian IPO globally since 2012 and the first IPO by a Russian company in London since 2014. 2021 : En+ Group’s Metals segment RUSAL announced its proposal to demerge its high carbon assets and to change its name to AL+. Mubadala ,
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2624-638: The Barker restructuring plan. On July 21, 2018 US Treasury Secretary Steven Mnuchin said in an interview that the objective was not to put the company out of business, but to limit Oleg Deripaska. The US Treasury notified Congress about its intention to lift sanctions against En+ Group in December of 2018 following the corporate restructuring. In the announcement lifting the sanctions, Mnuchin said “These companies have committed to significantly diminish Deripaska’s ownership and sever his control,” and noted that
2706-641: The CEAC and the Government of Montenegro became increasingly sour, there was an ongoing debate within the country about the fate of the aluminum producer. The size of the company, number of employees, and its impact on the Montenegrin trade balance imply that efforts will be made by the Government to keep the company alive, although sustainable ownership and management arrangements are yet to be made given
2788-514: The Company the largest privately held hydro power generation company globally. As at 31 December 2016, the Group held an 8% share of the total installed electricity capacity in Russia. The Group's power assets are predominantly located in Siberia, where it has a 37.6% share of total installed electricity capacity in the region. The hydro power operations benefit from the abundant water resources of
2870-409: The Group increased its shareholding to 90.8%. 2005: purchase of Aluminium Plant Podgorica by subsidiary Salomon Enterprises Limited , which was later renamed Central European Aluminum Company (CEAC) 2007: Following the acquisitions of SUAL Group by En+ Group, which at the time was one of the ten largest aluminium producers globally, and select aluminium and alumina businesses from Glencore ,
2952-489: The Moscow Stock Exchange, Hong Kong Stock Exchange and European Stock Exchange. Since 25 September 2020, the company changed its place of registration from Jersey to Kaliningrad , Russia. In 2021 RUSAL announced a proposal to demerge its high carbon assets and change its name to AL+. UC Rusal's roots lie in the business activities of Russian businessman Oleg Deripaska , who entered the metals industry as
3034-819: The Office of Foreign Assets Control. In addition to the Trading with the Enemy Act and the various national emergencies currently in effect, OFAC derives its authority from a variety of U.S. federal laws , particularly the International Emergency Economic Powers Act (IEEPA), regarding embargoes and economic sanctions. In enforcing economic sanctions, OFAC acts to prevent "prohibited transactions", which are described by OFAC as "trade or financial transactions and other dealings in which U.S. persons may not engage unless authorized by OFAC or expressly exempted by statute". OFAC has
3116-641: The Oregon-based Al Haramain Islamic Foundation in 2004 was unconstitutional. The court said the Fifth Amendment's guarantee of due process required Treasury to give adequate notice of the reasons it puts a group on the terrorist list, as well as a meaningful opportunity to respond. In addition, the court ruled that freezing the group's assets amounts to a seizure under the Fourth Amendment, so that
3198-811: The Sayanogorsk aluminium smelter, the Sayanal foil mill, a fabricating plant in Samara, Russia, and a minority interest in the Nikolaev alumina refinery in Ukraine. Gradual strategic acquisitions and growth projects eventually led to the creation of one of the world's largest aluminium and alumina producers. Rusal has historically opted to fully integrate its assets under centralized operational and management control. The company has achieved increased production and efficiency in most of its acquired facilities through production "creep" (improvements achieved through targeted improvements to key processes), as well as by undertaking key modernization and expansion projects. Rusal
3280-511: The Taishet Aluminum Smelter, its first low-carbon aluminum facility. The plant, located in Siberia, runs exclusively on hydropower and is expected to produce 428,000 metric tons of aluminum each year. In November 2018, Vladimir Kiryukhin was appointed as CEO of EN+ Group. Kiryukhin’s predecessor, Vyacheslav Solomin, was named as COO. In January 2019, a new slate of board members was created consisting of twelve directors with
3362-534: The UK’s Budweiser Brewing Group to produce five million ultra-low carbon beer cans. The cans will be 440ml in size and come from Rusal’s Krasnoyarsk plant in Siberia, which uses hydro-power as fuel. En+ Group signed an agreement in August 2021 with I-REC Services BV enabling the En+ Group to sell and redeem international renewable energy certificates ( I-RECs ). In the fall of 2021, EN+ participated in
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3444-752: The United Nations Climate Change Conference (COP26). Greg Barker, then chairman of EN+, attended the event along with eight other members of the EN+ management team. En+ Group holds a 48.1% stake in RUSAL, a vertically-integrated aluminium producer. RUSAL accounted for approximately 6.2% of global aluminium output in 2017. En+ Group's Metals segment operates 10 aluminium smelters and 7 alumina refineries, with its core smelting operations located in Siberia . In addition, UC RUSAL holds
3526-558: The United States imposed sanctions against Oleg Deripaska and his business enterprises, including Rusal, along with 23 other Russian nationals and entities in their control. According to The Washington Post , the Trump administration imposed those sanctions because of "Russia's 'malign activity.'" The United States Department of the Treasury issued a statement declaring that Deripaska was accused of illegal wiretapping, threatening
3608-479: The aggregate, either directly or indirectly. Further, US persons cannot use a third party intermediary and must exercise caution during "transactions with a non-blocked entity in which one or more blocked persons has a significant ownership interest that is less than 50% or which one or more blocked persons may control by means other than a majority ownership interest." On December 22, 2015, the Treasury Department explicitly listed all entities and their subsidiaries on
3690-460: The agreement in January of 2019, he acknowledged it wasn’t perfect. “I am not pretending that Deripaska is removed from the company altogether, but we have removed control." After sanctions were lifted for En+ Group, Deripaska remained on the OFAC list. All of Deripaska’s property and interests in property, including entities in which he holds a fifty percent or greater interest, remained blocked and he
3772-430: The authority to grant exemptions to prohibitions on such transactions, either by issuing a general license for certain categories of transactions, or by specific licenses issued on a case-by-case basis. Under the International Emergency Economic Powers Act (IEEPA), the U.S. President is empowered during national emergencies to block the removal of foreign assets under the jurisdiction of the United States. That mandate
3854-709: The backing of industrialist and entrepreneur Michael Cherney , started investing in the shares of Sayanogorsk Aluminum Smelter (SAZ), one of the newest and most modern aluminium plants built in Soviet times (1980–1985). In 1994, Mr. Deripaska was elected the General Director of SAZ. In 1997, the companies controlled by Deripaska underwent a general restructuring, leading to the creation of Sibirsky Aluminium to manage aluminium and alumina assets acquired by Deripaska's companies. By 2000, Sibirsky Aluminium managed, among other aluminium-related assets, majority interests in
3936-460: The companies would be subject to ongoing compliance and regulation.” Under the arrangement to lift U.S. sanctions, new independent directors would be appointed to the boards EN+ and Rusal and the companies agreed to not act in any manner that “directly or indirectly provides Deripaska with the ability to exercise a controlling influence over management or policies” of EN+ or Rusal.” Deripaska’s voting interests were reduced to 35%. When Barker announced
4018-429: The company acquired assets of another cathode plant in Taigu County of Shanxi Province, China, which have been integrated into the existing cathode plant in Lingshi. In 2006, RUSAL acquired assets of the state-owned Aroaima Mining Company in Guyana , acquired the remaining equity interest in the Friguia bauxite and alumina complex in Guinea , completed an extensive retrofit of the Armenal foil mill and commissioned
4100-431: The company announced a project in Greenup, Kentucky that would produce flat-rolled aluminum products for the US automotive industry. In 2017, UC Rusal publicly stated its goal to cover all the energy required to power its aluminium smelters via clean energy by 2020, particularly using hydropower. In 2017, the company's energy mix included 90% renewables. The announcement was in line with UC Rusal's 2015 pledge to support
4182-662: The company from the sanctions’ list by reducing Deripaska ’s shareholding interest and creating an independent board of directors. On April 27, the company completed a regulatory filing with the London Stock Exchange stating the Deripaska had agreed to leave the board and reduce his ownership interest to less than 50%. On May 1, 2018 the US Department of the Treasury loosened the sanctions to allow transactions necessary to divest or transfer debt, equity or other holdings in EN+ Group and United Company RUSAL PLC. The following month, four board members, Gulzhan Moldazhanova, Igor Makarov, Olga Mashkovskaya and Anton Vishnevskiy, resigned as part of
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#17327837563224264-616: The company." Department of the Treasury gave these clients until 23 October 2018 to comply with (wind down business) the Rusal sanctions. In May 2018, the company announced the resignation of CEO Alexandra Bouriko and seven board members in order to avoid U.S. sanctions against Oleg Deripaska. In January 2019, the U.S. lifted sanctions after Deripaska reduced his stake in the company to less than 50% and his voting rights to less than 35%. US Senate majority leader Mitch McConnell among others argued that this would maintain pressure on Deripaska without disrupting aluminum markets. In April 2019
4346-433: The company’s high and low carbon producing assets was part of a larger plan to reach net-zero carbon emissions by 2050. The net-zero plan, announced in January 2021, would reduce the company’s greenhouse gas emissions by 35% by 2030 and put EN+ in compliance with the Paris Agreement and the European Green Deal . Chief operating officer Vyacheslav Solomin leads the company’s Climate Change Taskforce. In late 2021, RUSAL opened
4428-649: The costs of its operations by 25%. In December 2009, a final agreement between the company and 72 Russian and international lenders to refinance $ 17 billion of debt were reached. In January 2009, Oleg Deripaska was appointed Rusal's CEO, replacing Alexander Bulygin, who had held the post for 3 years. In January 2010, UC RUSAL was listed on the Hong Kong Stock Exchange with its IPO price of HK$ 10.8 per share and capital raising of US$ 2.2 billion. The IPO attracted investors such as Nathaniel Rothschild , Robert Kuok , Paulson & Co, John Paulson and Vnesheconombank . Rusal also trades global depository receipts on
4510-589: The country as part of its commitment to corporate social responsibility. Office of Foreign Assets Control The Office of Foreign Assets Control ( OFAC ) is a financial intelligence and enforcement agency of the United States Treasury Department . It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives. Under presidential national emergency powers , OFAC carries out its activities against foreign governments, organizations (including terrorist groups and drug cartels), and individuals deemed
4592-401: The court in December 2012. In October 2007, a set of Spanish travel agency websites had their domain name access disabled by eNom : the domain names had been on the OFAC blacklist. When queried, the U.S. Treasury referred to a 2004 press release that claimed the company "had helped Americans evade restrictions on travel to Cuba". In the case of United States v. Banki , on June 5, 2010,
4674-505: The current RUSAL was formed under UC RUSAL. 2008: UC RUSAL completes the acquisition of a 25% + 1 shares stake in Norilsk Nickel , the world's second largest producer of Nickel and one of the world's leading producers of platinum and copper . 2010 : UC UC RUSAL conducts initial public offering of shares and depositary receipts in Hong Kong . 2011 : En+ establishes En+ logistics, to provide logistics services predominantly to its Energy Segment. 2013: As relationship between
4756-405: The development of new unique production technologies including RA-300 and RA-400 reduction cells for RUSAL. The new technologies allowed for large-scale greenfield and brownfield projects. In 2005, RUSAL created its own engineering and construction subsidiary, Rusal-Engineering Development Limited, responsible for modernization and construction projects. In December 2006, RUSAL acquired through
4838-440: The entry of the People's Republic of China into the Korean War ; President Harry S. Truman declared a national emergency and tasked the Division with blocking all Chinese and North Korean assets subject to U.S. jurisdiction. The Division also administered regulations and orders issued under the amended Trading with the Enemy Act. On October 15, 1962, by a Treasury Department order, the Division of Foreign Assets Control became
4920-425: The group of companies that now compose UC RUSAL. The consolidation of RUSAL Holding Limited was completed in 2004, 100% of its shares were transferred to En+ Group. 2001 – 2007: The Group acquired 50.2% of the shares of Irkutskenergo , a power company that owns the Irkutsk , Bratsk and Ust-Ilimsk HPPs and several CHPs in the Irkutsk region of Russia, with an aggregate generation capacity of 12.8 GW. In 2016
5002-450: The industry's carbon footprint. Rusal signed an agreement in September 2021 with the UK’s Budweiser Brewing Group to produce five million ultra-low carbon beer cans. The cans will be 440ml in size and come from Rusal’s Krasnoyarsk plant in Siberia , which uses hydro-power as energy source. Following the 2011 Toho earthquake and tsunami, UC Rusal donated $ 600,000 to Japanese children's and cultural heritage foundations. These included
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#17327837563225084-411: The largest solar power plant of Eastern Siberia. Rusal United Company RUSAL, international public joint-stock company ( Russian : МКПАО «ОК РУСАЛ» , romanized : MKPAO «ОК RUSAL» ) is the world's second largest aluminium company by primary production output (as of 2016). It was the largest until overtaken by China Hongqiao Group in 2015. UC RUSAL accounts for almost 9% of
5166-399: The list for being owned or controlled by Oleg Deripaska, who was also among the sanctioned entities. As a result of the sanctions, the U.S. government froze all US assets of EN+ Group and prohibited U.S. persons from doing business with the company. In response, the chairman of the board of directors of EN+ Group, Rt Hon The Lord Barker of Battle presented a plan aimed at the de-listing of
5248-419: The list maintained pursuant to Section 314(a) of the Patriot Act . In August 2009, a federal court ruling in KindHearts v. Treasury found that Treasury's seizure of KindHearts assets without notice or means of appeal is a violation of the Fourth and Fifth Amendments. On September 23, 2011, the Ninth Circuit Court of Appeals upheld a lower court's ruling that procedures used by Treasury to shut down
5330-460: The lives of business rivals, extortion and racketeering. Other allegations included that Deripaska ordered the murder of a businessman, and had links to a Russian organized crime group. On 23 April, however, the US government gave subsidiary Rusal America Corporation's customers "more time to comply with sanctions", even saying it would "consider lifting them if United Company Rusal Plc’s major shareholder, Russian tycoon Oleg Deripaska, ceded control of
5412-505: The modernisation of old smelters and construction of new smelters in Siberia. With Chinese aluminium demand growing due to rapid urbanization and industrialization, UC Rusal signed a joint venture agreement with China North Industries Corporation (NORINCO) in April 2012. Rusal also signed a memorandum of understanding with one of its main competitors, Shandong Xinfa Group, pertaining to the study of future potential cooperation areas, such as joint ventures. March 2014 saw UC Rusal enter into
5494-403: The newly established Office of International Finance (OIF). In 1948, OIF activities relating to blocked foreign funds were transferred to the Office of Alien Property, an agency within the Department of Justice . The Division of Foreign Assets Control, OFAC's immediate predecessor, was established in the Office of International Finance by a Treasury Department order in December 1950, following
5576-426: The newly formed company was estimated to have pro-forma sales of $ 12 billion and production capacity of about four million tonnes of aluminium and 11 million tonnes of alumina. In November 2007, RUSAL signed a cooperation agreement with Samruk-Energo, a subsidiary of Samruk-Kazyna , on the creation of a 50/50 joint venture to operate the Bogatyr Komir LLP , the largest coal mining company in Kazakhstan. Because of
5658-501: The production of “green aluminum." The company is the world's largest independent hydropower generator. EN+ is led by Vladimir Kolmogorov. In 2020, the company reported revenues of $ 10.36 billion and a net income of $ 1.86 billion. It is publicly traded and listed on the London Stock Exchange . 2002: En+ Group established. 2003: RUSAL Holding Limited established following a corporate restructuring and consolidation of aluminium and alumina assets. These assets would later form
5740-463: The project, which involved the construction of an integrated bauxite and alumina complex in Russia's Komi Republic . Also in 2005, RUSAL completed the acquisition of a 20% equity interest in one of the world's largest alumina refineries in terms of production capacity, Queensland Alumina Limited , located in Queensland, Australia. Furthermore, RUSAL purchased assets of a cathode plant in Lingshi County of Shanxi Province , China. In April 2008,
5822-402: The recriminations . On 8 July 2013, the CEAC officially went bankrupt, having up to that point accumulated a debt of 383 million euros, while the company itself is worth 180 million euros. 2014: Boguchansk HPP initiated operations (as part of the BEMO 50/50 joint venture between UC RUSAL and RusHydro ). 2016: The first half of the first stage of the Boguchansk aluminium smelter (as part of
5904-426: The restructuring of its debt. In November 2014, Vladislav Solovyov was appointed as Rusal's CEO, while Deripaska assumed the role of company president. In 2016, UC Rusal signed another joint venture agreement with a Chinese firm, Hebei Joy Sense Cable Co. (HJSC), to produce aluminium cable for electrical applications. In 2017, Rusal issued two Eurobonds to finance its debts. The first one, worth US$ 600 million,
5986-605: The sale is approved, Onexim will retain a 6.7% stake in Rusal, while SUAL's will increase to 22.80%. As of 2023, UC Rusal's biggest shareholders are En+ Group with a controlling stake of 56.88% and SUAL (25.52%); company's free-float stands at 17.6%. As of the end of 2020, UC Rusal owned 9 aluminium smelters, 9 alumina refineries, 7 bauxite mines worldwide, and 4 domestic foil rolling mills. Rusal owns and operates eight aluminium smelters , four alumina refineries and three foil rolling mills in Russia: In April 2018,
6068-537: The shares and belongs to Deripaska. In Ukraine, RUSAL increased its share in the Nikolaev alumina refinery to 98%. In 2004, Rusal made the strategic decision to focus on its upstream business and began disposing of its downstream assets, including the sale of its fabricating division to Alcoa in January 2005. The divestiture process was largely completed in 2006 with the distribution of certain aluminium construction plants and other non-core assets to companies controlled by RUSAL's beneficial owner. In 2004, Rusal obtained
6150-640: The sustainable production of aluminium upon joining the Aluminium Stewardship Initiative. As a response to increased demand for sustainably produced aluminium from major downstream industries – particularly the motor, packaging and electronics sectors – Rusal introduced Allow, a low-carbon aluminium brand, in November 2017. According to Reuters , Allow covers roughly 80% of Rusal's total output. In 2017, Deripaska expressed support for introducing steep carbon taxation in order to force other firms away from using coal power and reduce
6232-399: The world's largest aluminium company at the time, with assets in 17 countries across five continents, including 16 aluminium smelters, 12 alumina refineries, eight bauxite mines, three powder metallurgy plants, three silicon smelters, three secondary aluminium plants, three aluminium foil mills, two cryolite plants, and one cathode plant. The merger was completed in March 2007, at which time
6314-528: The world's primary aluminium output and 6.5% of the world's alumina production, while operating assets in 13 countries over five continents, employing over 61,000 people across its international operations and offices. The company is incorporated in Jersey , where it has its financial centre, but its headquarters are in Moscow , Russian Federation . UC Rusal is a public limited company and its shares are traded on
6396-423: The world's primary aluminium output and 9% of the world's alumina production. RUSAL was founded by a major Russian industrialist Oleg Deripaska . The United Company was formed by the merger of RUSAL ( Rus skiy al yuminiy, lit. Rus sian al uminium) ( Russian : Русский алюминий ), SUAL , and the alumina assets of Glencore , completed in March 2007. According to its own statistics, UC Rusal accounts for 6.2% of
6478-623: Was derived from the Trading with the Enemy Act 1917 . Among other operations, FFC administered wartime import controls over enemy assets and restrictions on trade with enemy states. It also participated in administering the Proclaimed List of Certain Blocked Nationals , or the "Black List", and took censuses of foreign-owned assets in the US and American-owned assets abroad. FFC was abolished in 1947, with its functions transferred to
6560-592: Was founded in 2000 after Sibirsky Aluminium and Millhouse Capital , owned by Roman Abramovich, agreed to merge their aluminium and alumina assets. By 2002, Sibirsky Aluminium and Millhouse Capital were managing controlling stakes in the Armenal foil mill in Armenia and the Belaya Kalitva metallurgical plant and Novokuznetsk aluminium smelter [ ru ] in Russia, and also took under management
6642-649: Was issued in February, followed by a second one in April, worth US$ 500 million. Also in February, plans were announced to sell 10 billion yuan worth of seven-year onshore bonds to finance purchases in China, making Rusal the first foreign company to offer panda bonds on the Shanghai Stock Exchange . The company also agreed on a pre-export finance mechanism with international lenders worth US$ 1.7 billion for debt refinancing. In April 2017, Rusal signed
6724-593: Was prevented from obtaining cash either in return for his shares or from future dividends issued by En+ or Rusal. EN+’s RUSAL business unit announced a plan in May 2021 to split itself into two companies, separating its high-carbon products from its low-carbon products. The low-carbon company will be called AL+ and was expected to keep 60% of its aluminum production and 70% of its alumina production assets. The high carbon assets will include five aluminum smelters, fours alumina refineries, and two bauxite mines. The move to demerge
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