DISINFO: The US used sanctions to seize the Russian aluminium industry
SUMMARY
The US used sanctions against the Russian company Rusal to seize control of Russia’s aluminium industry.
RESPONSE
Recurring pro-Kremlin narrative casting Western sanctions against Russia as an unjust, Russophobic ploy designed to cripple the country's sovereignty and prosperity. The relevant iteration of sanctions was imposed in April 2018 and extended to Russian individuals and entities suspected of interference in the 2016 US presidential election. One of these individuals was Russian minerals mogul Oleg Deripaska, CEO of Rusal. The sanctions on Rusal were rolled back in January 2019, following a restructuring of the company's shareholding and voting structure in the course of which Deripaska surrendered majority control over Rusal's parent company, En+. Under the terms of the restructuring process overseen by the US Office of Foreign Assets Control, En+ and Rusal additionally appointed the required number of independent directors to ensure transparency and accountability of their corporate governance. None of the above would indicate that Washington "seized control" of the Russian aluminium giant. In fact, Deripaska is likely to have retained indirect majority control of Rusal through former family members and a charity organisation -- founded and funded by Deripaska himself -- which holds a stake in En+.