News 02 May, 2018 Russia – Increased Sanctions – Rusal - New Contracts It was reported in our News Item of 25 April 2018 that OFAC had issued two new licences which in effect gave parties until 23 October 2018 to wind down their activities and contractual commitments with Rusal. Our U.S. attorneys Freehill Hogan & Mahar have clarified however that this does not necessarily mean that non-U.S. persons can enter into new contracts with Rusal, even if they are intended to be completed by 23 October. OFAC have in fact informally advised that if a non-U.S. person enters a new contract with Rusal, that would not be covered by the new licence exception and a non-U.S. person would have to undertake an analysis of the definition of whether the intended trade constitutes a “significant transaction” to determine whether their new contract would fall within that category or not. Members are therefore advised to continue to exercise great caution in their dealings with Rusal and those with specific questions concerning these measures and any other sanctions matters should contact the Managers.