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U.S. Pressures GAZ to Drop Deripaska Ties
Russian carmaker OAO GAZ can avoid new U.S. economic sanctions only if oligarch Oleg Deripaska disposes of his ownership of the company through his Basic Element group, according to the U.S.
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Russian carmaker OAO GAZ can avoid new U.S. economic sanctions only if oligarch Oleg Deripaska disposes of his ownership of the company through his Basic Element group, according to the U.S. Dept. of the Treasury.
The U.S. levied the sanctions last week against Russia for the country’s efforts to tamper with the 2016 presidential election. The Treasury Dept. has given the carmaker until Oct. 23 to sever its ties with Deripaska, a close associate of Russian President Vladimir Putin.
The same sanctions prompted Porsche Automobil Holding SE to suspend plans last week to add newly appointed GAZ Group Chairman Siegfried Wolf to its supervisory board. Wolf is former co-CEO of Magna International Inc.
Deripaska also has run afoul of U.S. aluminum and steel import tariffs. The sanctions affect United Co. Rusal, Russia’s largest aluminum producer and another Deripaska-linked company. Bloomberg News notes that last week EN+ Group, a holding company through which Deripaska holds his stake in Rusal, said the oligarch would step down from the EN+ and Rusal boards.
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