U.S.-Approved Trustee for Russia’s Deripaska Has Collaborated With Him for Years, Reports Reuters

By Polina Ivanova, Polina Devitt, and Nathan Layne

Moscow/New York – A law firm designated to serve as a mediator between Russian metals tycoon Oleg Deripaska and one of his businesses, enabling the U.S. to lift sanctions on the firm, has a long-standing history of collaboration with Deripaska.

The U.S. Treasury Department stated it would rigorously monitor the arrangements to ensure Deripaska cannot exert influence over the company’s board members. Meanwhile, a representative for Deripaska insisted that the businessman has no ability to influence the law firm’s actions.

However, a prominent U.S. senator noted that the connection between Deripaska and the law firm strengthens the argument made by Democratic opponents of former President Donald Trump, who claim the sanctions should not have been lifted.

The Treasury Department agreed to lift sanctions on three of Deripaska’s businesses, provided that he reduces his ownership and cuts ties with them, while still remaining under his own set of sanctions.

As part of this agreement, some of Deripaska’s voting rights in his primary company, En+, were transferred to a voting trust, which is obligated to vote in line with the majority of shareholders not affiliated with Deripaska.

In a recent announcement, En+ disclosed that one of the trustees responsible for exercising the voting rights is named "Ogier Global Nominee (Jersey) Limited." A source linked to En+ described Ogier Global as "a very respectable Jersey law firm."

Ogier Global has been involved in several transactions related to Deripaska’s businesses. Notably, its Cayman office represented him in a 2014 lawsuit against Pericles Emerging Market Partners, which was managed by Paul Manafort, former campaign chairman for Donald Trump during the 2016 election.

Additionally, Ogier represented Rusal, which is controlled by En+, in 2017 for the first "Panda Bond" offering by a Russian company, aimed at raising overseas debt in the Chinese market. A partner from Ogier’s Jersey office expressed appreciation for working with Rusal again, highlighting the firm’s ongoing relationship.

Deripaska’s representative emphasized that the agreement ensures the businessman does not influence Ogier’s operations, noting that the trustees have been approved by the Treasury Department’s Office of Foreign Assets Control (OFAC), which oversees U.S. sanctions enforcement.

The representative clarified that Ogier has no discretion over how to exercise the voting rights, as it must act according to the majority vote of shareholders not linked to Deripaska.

En+ has declined to comment on the matter, and Ogier has not responded to requests for comments. A spokesperson for the Treasury noted that OFAC continues to monitor the companies involved to guarantee that Deripaska does not have any influence or control over board members.

Democratic lawmakers in the U.S. continue to apply pressure on the Trump administration regarding the decision to lift sanctions, seeking further briefings and suggesting legislation to ensure that Rusal and En+ comply with the deal’s requirements.

Senator Mark Warner, the leading Democrat on the Senate Intelligence Committee, has been a prominent critic of the transaction, expressing ongoing concern that Deripaska may retain control over his companies and personally benefit from the arrangement. Warner referred to the potential conflicts of interest in the governance structure as further justification for Congress to have maintained the sanctions when given the chance.