US extends deadline for American investors to divest funds from newly sanctioned Russian companies

The US Treasury has extended the deadline for investors to divest or transfer their holdings from United Company Rusal Plc, En+ Group PLC, and the GAZ Group until June 6, instead of the planned deadline of May 7. On April 6, the US Treasury slapped a new round of sanctions against Russian officials, businessmen, and companies. These included a number of enterprises belonging to Rusal’s co-owner Oleg Deripaska. The US authorities originally set a May 7 deadline for American investors to get rid of securities from the Russian companies and subsidiaries and to cancel contracts with all enterprises, subject to new punitive measures.