En+ Group Drops Cyprus Plans, Appoints New CEO

Vladimir Kiriukhin, one of the senior managers of En+ Group, has been appointed as the U.S.-sanctioned energy concern’s new chief executive, Reuters reported citing an En+ statement.

The London-listed En+ Group manages the energy and aluminum businesses of Oleg Deripaska. The company is discussing potential exclusion from the U.S. blacklist with the U.S. Treasury, which imposed sanctions on it in April along with Deripaska himself and some of his assets.

Deripaska hopes to persuade the United States to ease sanctions, which were related to Moscow’s alleged meddling in the 2016 U.S. election, on his companies by scaling back his own involvement in them, an option initially suggested by Washington.

“These management changes are consistent with the Barker Plan and the enhanced governance structures it will introduce,” En+ said in a statement. It has recently recruited directors and management not affiliated with Deripaska.

Kiriukhin will oversee the company’s long-term strategy, business development and cooperation with key external stakeholders. His predecessor, Vyacheslav Solomin, has become chief operating officer.

Previously, En+ board members agreed to no longer be under the jurisdiction of Cyprus. The company will operate in Jersey as its legal home, the largest of the Channel Islands between Britain and France, and will be registered in Russia. Cyprus is often considered a hotbed of laundered Russian money.