A Russian oligarch with ties to Russian President Vladimir Putin along with his allies will maintain a majority ownership in an energy company under a Treasury Department plan to lift sanctions against the business, according to The New York Times Treasury Secretary Steve Mnuchin, Treasury Secretary Steve Mnuchin, in a letter to Congress last month , said that the agreement to lift the sanctions will reduce Oleg Deripaska's "direct and indirect shareholding stake in those entities"— Rusal, EN+ and EuroSibEnergo—"to below 50 percent."

But, according to documents obtained by the Times, Deripaska and his allies would own approximately 57 percent of EN+ under the Treasury Department plan.

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Under the Treasury Department agreement, Deripaska will also be freed from debt he owes to VTB, a Russian government-owned bank, in exchange for transferring shares worth roughly $800 million to the financial institution.