On December 19, the Treasury Department informed Congress of its intention to lift sanctions that sanction companies for their property and their control by Deripaska, not the behavior of the companies themselves.
The Ministry of Finance told Rusal and EN + Group, the holding company of the Russian aluminum giant, and the energy company JSC EuroSibEnergo had made significant restructuring and corporate governance changes in order to reduce Deripaska's holdings and revoke its control to meet criteria for the elimination of the criteria 30 days.
"EN +, Rusal and ESE have reduced the direct and indirect involvement of Oleg Deripaska in these companies and discontinued their control," said the Ministry of Finance in a statement. "This action will ensure that the majority of directors on the EN + and Rusal committees will be independent directors ̵
The sanctions against Deripaska remain untouched.
"Companies have also agreed to provide unprecedented transparency to Treasury by delivering comprehensive, ongoing auditing, certification and reporting requirements," the Ministry of Finance said in its statement.
Democrats and some Republicans had believed that the Ministry of Finance had made a bad deal that did not sufficiently prevent the Russian oligarchy from maintaining influence over the company, even though its personal property was involved in Rusal's reduction. According to the agreement, Deripaska's stake in EN + will fall from around 70% to around 45% and it can only vote for 35% of its shares, as the documents explaining the terms of the deal show. His shares are, however, distributed among various bodies, including a foundation he founded two decades ago, his former wife and father-in-law and the sanctioned Russian bank VTB. The agreement provides for the voting rights of these shares to be granted to third parties without commitment to Deripaska.
Earlier this month, the Republican-controlled Senate had not received the 60 votes needed to reach a resolution to stop lifting the sanctions with 57 votes and 42 votes. The House passed its own resolution 362-53 – a majority that included a majority of Republicans.