US House Approves Resolution to Block US Sanctions Relief for Russian Companies

The House voted 362 to 53 in favour of the resolution which disapproves of a Trump administration decision to lift sanctions on three Russian companies after they agreed to sweeping restructuring to reduce the control of Russian businessman Oleg Deripaska.

READ MORE: US Treasury Extends En+, Rusal, EuroSibEnergo Licenses Expiration Date

The move comes just hours after the US Department of the Treasury reportedly extended the expiration date of certain general licenses related to Russian companies En+, Rusal, EuroSibEnergo from January 21 to January 28. The move followed the US Senate's failure to secure enough votes to bar the Treasury from lifting sanctions on the three companies.

The Treasury first imposed the sanctions on April 6, and the move against Rusal, the world's second largest producer of aluminium, swiftly created turmoil in global aluminium markets. As a result, the United States' European allies urged the Treasury to reverse its course on the sanctions.

Although the three firms have agreed to take steps to reduce Deripaska's holdings to under 50 percent, Democrats in the US Congress have sought to oppose the Treasury's rollback.

The Senate on Wednesday attempted to pass a resolution blocking the move, but fell short of the required number of votes.