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Steven Mnuchin, the Treasury secretary, was sensitive to that argument. He clarified that the goal of the sanctions was “to change the behavior” of Mr. Deripaska, and “not to put Rusal out of business,” given the company’s pivotal role as a global supplier of aluminum.

The Treasury Department announced a deal last month to lift the sanctions in exchange for a restructuring that it said would reduce Mr. Deripaska’s control and ownership of the companies.

Yet a confidential, legally binding document detailing the agreement showed that Mr. Deripaska and his allies would retain majority ownership of EN+.

Representative Lloyd Doggett, a Texas Democrat who has been among the leading critics of the deal, said that allowing it to take effect “represents just one more step in undermining the sanctions law, which President Trump has obstructed at every opportunity, while Russian aggression remains unabated.”

But EN+ said in a statement that Sunday’s move was “a victory for the U.S. sanctions policy, successfully punishing the target but not at the expense of shareholders, employees and the wider market.”