- Lord Barker, a Conservative peer and former minister, quit as chairman of Russian-linked EN+.
- Bloomberg said Barker could help carve out and lead a subsidiary company.
- Barker was criticized in the UK for working with EN+, founded by the oligarch Oleg Deripaska.
A Conservative peer who took a leave of absence to work with Oleg Deripaska's mining giant EN+ resigned as chairman of the board on Monday.
Lord Barker, who was an energy minister under David Cameron, said he would work a short notice period while his replacement, Christopher Bancroft Burnham, takes over.
Barker's notice period was part of terms agreed with the US Office of Foreign Asset Control "for removal of the company from OFAC's specially designated nationals list", a regulatory news statement said Monday morning.
Deripaska, one of Russia's richest men, founded EN+ and used to be its controlling shareholder. Per the BBC, he now owns 45% of the company.
In 2019, Barker was integral to having US sanctions lifted from the firm. He was rewarded with a multi-million-dollar bonus for his work, Bloomberg reported at the time.
EN+ also said it is considering carving out the part-owned subsidiary Rusal, but stressed the process was "at a preliminary stage".
Barker is planning to focus on that project, and could potentially lead the resulting company, Bloomberg reported Friday.
Last week Bill Browder, the Magnitsky Act campaigner, told Insider that Barker should lose his peerage for his work with Deripaska.
"In my opinion, a person who has conducted himself in the way [Barker] has shouldn't have a seat in the Lords, full stop."
Revoking peerages is highly unusual, and requires primary legislation. The last time such a step was taken was in 1917, when the Titles Deprivation Act removed peerages from those considered enemies of Britain in World War I.
Browder said: "You have a situation where the US determined Deripaska was somehow connected to Putin and put him on their sanctions list, and this man tried to get him taken him off. That rises to the level of unprecedented."
Ben Wallace, the UK Defence Secretary, also questioned Barker's continued work for EN+. "I think Lord Barker should explain why he works with people like Deripaska," he said.
Barker's resignation comes amid fresh scrutiny of companies linked to sanctioned Russian oligarchs in the wake of Vladimir Putin's invasion of Ukraine.
EN+ was one of several Russian-linked firms which had their shares suspended from trading on the London Stock Exchange last week.