Russian businessman Oleg Deripaska has agreed to reduce his stake in the company that made him a billionaire as part of an effort to get U.S. Treasury off his back. The Barker Plan, as it is now known, includes reducing Deripaska's role and ownership in the company. On Friday, the board agreed to appoint two new directors in hopes to convince Washington that Deripaska cannot use the company has his sole cash cow. Besides hoping to free the company from sanctions troubles, Kiryukhin's appointment is in response to new Russian environmental regulations, the company said in a statement today. The Barker Plan has not been approved by Washington, but it represents a major concession to the U.S. following April's sanctions push.

Source: Forbes November 02, 2018 21:22 UTC