UK Conservative party peer Greg Barker, has resigned as chairman of EN+, the mining company part-owned by the sanctioned Russian oligarch Oleg Deripaska.
According to a report in UK newspaper The Guardian, Barker’s resignation comes amid intense scrutiny of companies linked to sanctioned Russian oligarchs, alleged by authorities in the US, EU and UK to be part of the system through which Vladimir Putin controls the Russian economy.
After Russia’s invasion of Ukraine, the London Stock Exchange last week suspended trading in EN+ along with more than 30 other Russian-linked firms, 'in light of market conditions, and in order to maintain orderly markets'.
Barker had served as a minister for energy and climate change in Cameron’s government but he has since earned millions of pounds for chairing EN+, including $7.8m in salary and bonuses in 2019 after he conceived the 'Barker plan' to avoid US sanctions directly on the company. EN+ is still thought to make monthly reports to US authorities to ensure it is not breaching the terms of the agreement.
“The group confirms that it is currently reviewing its strategy with respect to Rusal. Options under consideration include the possibility of carving out Rusal’s international business.”Spokesperson for EN+
While Barker will step down as chairman of the listed company, EN+ confirmed that it was considering carving out a large part of the aluminium business, which included the part-owned subsidiary Rusal.
In a statement to the stock market, EN+ said: “The group confirms that it is currently reviewing its strategy with respect to Rusal. Options under consideration include the possibility of carving out Rusal’s international business.”
Barker will continue to chair the group for a 'short period' before handing over to Christopher Bancroft Burnham, the company’s senior independent director.
Source: The Guardian