Contents tagged with Deripaska

  • Three Russian oligarchs asked to stay away from Davos

    VTB Bank CEO Andrey Kostin, Rusal co-owner Oleg Deripaska and Renova Group major shareholder Viktor Vekselberg will not be allowed to attend the World Economic Forum in Davos this year.

    All three of the Russian oligarchs, who are under personal US sanctions, were contacted by the forum’s management and asked not to come to the town in eastern Switzerland where officials and representatives of the largest companies in the world have been gathering since 1971.

    Last year, Vekselberg, Kostin and …

  • US Treasury gives companies of Russian tycoon Deripaska extra grace period

    The Office of Foreign Assets Control of the US Treasury Department has once again postponed the deadline by which US investors have to dispose of EN+ and UC Rusal shares and bonds, the department announced on its official website.

    “EN+ and RUSAL have approached the U.S. Government about substantial corporate governance changes that could potentially result in significant changes in control. To allow sufficient time for review, we are extending these licenses until November 12,” the report …

  • More than $6 billion withdrawn from Russian banks in one month

    The outflow of capital from the Russian banking system has picked up speed once again, according to a new survey by Raiffeisen Bank.

    In August, corporate clients withdrew $4.9 billion from their accounts, 60% more than in July ($3 billion). The funds were partially used to repay foreign debt, the refinancing of which has come to a halt due to tightened sanctions on Russia from the US and EU. According to the Central Bank of Russia, companies had to make $3.1 billion in repayments.

    Several …

  • Banks of Cyprus allow Russians to withdraw funds from frozen accounts

    Cypriot banks froze the accounts of Russians on the US’s Specially Designated Nationals and Blocked Persons (SDN) sanction list, but the account owners were also permitted to transfer funds to their own accounts in Russia, reports Russian RBC news agency, citing Costas Demetriades, Managing Director of the Cypriot consulting firm B2B Lateral Thinking Solutions, and confirmed by Paragon Advice Group partner Alexander Zakharov. “As far as I know, unlike Switzerland, the Cypriot banks released the …

  • Russian oligarchs’ assets frozen in Cyprus at US’s request

    The Russian billionaires who have been placed under US sanctions have been hit by massive audits of their offshore accounts.

    Oleg Deripaska and Viktor Vekselberg, who were blacklisted by the US Treasury Department in April, have been cut off from their assets in Cyprus.

    The island’s banks have frozen Deripaska’s and Vekselberg’s accounts since April 6, when the US sanctions were announced and came into effect. This was reported by RBC, citing the US Treasury Department’s report on opposing …

  • Russian banks reluctunt to buy Kremlin bonds

    Russian banks are in no rush to support the government debt market, which foreign investors have recently fled. The largest and systematically most significant banks and other participants in the banking system have been dumping Federal Loan Bonds (OFZs) alongside non-residents, according to a statistic published by the Central Bank of Russia on Wednesday.

    Foreign investors disposed of 370 billion rubles worth of Russian government debt notes after the US placed sanctions on the aluminum …

  • Deripaska’s company Rusal asks Kremlin to provide concessions for transport tariffs as US sanctions take effect

    Russian billionaire Oleg Deripaska’s company, UC Rusal, requested through Prime Minister Dmitry Medvedev to reduce costs for transportation of raw materials and finished products by rail, the Kommersant newspaper reports.  

    According to the sources cited in the newspaper, Rusal asked to reduce tariffs of the Russian Railways company for transportation of raw materials and products, which was estimated by the company to be worth around 24 billion rubles (380 million dollars) from July 1. …

  • Russian tycoon Deripaska asks Kremlin for help after falling under US sanctions

    Russian tycoon Oleg Deripaska has appealed to the Russian government, requesting it to buy out aluminum from Rusal, which the company cannot sell being cut off from the world's largest trading floors. Interfax reports that Deripaska hopes that the Russian government could buy back the company’s product for the State Reserve. Intrerfax’s sources said that "the government is thinking [about it]."

    According to the source, this is not the only support measure that Deripaska, who became rich during …

  • US sanctions force Russian tycoon Deripaska to resign from the board of directors of Rusal

    Russian businessman Oleg Deripaska decided to leave the Board of Directors of En+ Group, which is the largest shareholder of aluminum producer Rusal, Deutsche Welle reports.

    The website of En+ Group reports that on Friday, May 18, at the meeting of the Board of Directors at the end of which his Chairman Gregory Barker accepted Mr. Deripaska's resignation, the Board unanimously endorsed the proposals aimed at lifting sanctions against En+ and its subsidiaries.

    It is noted that the so-called …

  • American sanctions force Russian tycoon Deripaska to give up 3 private planes

    After the introduction of the U.S. package of sanctions, Russian billionaire Oleg Deripaska had to give up three private Gulfstream G550 aircraft, which he had rented from Credit Suisse and Raiffeisen, Reuters reported.

    According to Alireza Ittihadieh, director of the company Freestream, which the owners of the planes contracted to sell them, the oligarch had leased them from a private company.

    “He’s sanctioned, his companies are sanctioned, he has to return the aircraft. He has to terminate …