Products of "Armenal" factory in Yerevan can return to American market

ArmInfo. The products of  the Yerevan factory "Armenal" can return to the American market. The  Office of Foreign Investments Control of the US Treasury Department  (OFAC) stated that US citizens and their partners can make new  contracts with UK Rusal, which owns the Armenal factory, and other  companies of Oleg Deripaska on the sanctions list.

But the permission, according to the newspaper Kommersant, is valid  only for those companies that for several years already purchased  goods and services of UC Rusal, GAZ Group or other companies of  Deripaska, and provided them with maintenance services, reports OFAC.  The Office explains that transactions and actions that were not in  previously concluded contracts can be considered as maintaining  business activity, and this will not be considered a violation of the  sanctions regime. But for this, UC Rusal's contracting companies will  have to have documents in hand that they buy  UC Rusal products for  several years in a row and will not buy a new contract under the new  agreement than in previous years.  Thus, OFAC partially eliminated  the threat that in the next year UC Rusal, which exports 80% of the  output, will only work for the warehouse.

According to ArmInfo analysts, the decision will allow the UC Rusal  subsidiary - the Armenal factory in Yerevan - to resume the supply of  foil to the US, suspended from the middle of the year in connection  with the sanctions imposed on Oleg Deripaska, a large shareholder of  UC Rusal. "Armenal" is the largest exporter of finished products not  only in the US, but also in the countries of the European Union. In  2017, the plant's proceeds from the export of Armenian foil to the US  amounted to about $ 47.2 million.