Contents tagged with Deripaska
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Russian tycoon Oleg Deripaska sues the US Treasury Department and Secretary Steven Mnuchin
Russian billionaire Oleg Deripaska intends to make US authorities cancel the personal sanctions against him through the courts. The businessman intends to sue the US Treasury Department and Secretary Steven Mnuchin for damages equal to $7.5 billion in estimated losses.
Deripaska’s lawsuit appeared in the US judicial database and was referred to the Court of the District of Columbia. Deripaska stated that he was included in the US sanctions as a result of the political struggle over Russia's …
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US Treasury Department lifts sanctions from three Deripaska companies
On Sunday, the US Treasury Department announced that it was lifting the sanctions previously imposed on three companies associated with Russian oligarch Oleg Deripaska: US Rusal PLC, En + Group PLC and JSC EuroSibEnergo.
The decision was made despite the demands of Democrats in Congress to keep the restrictions imposed on these companies. Earlier, Republican legislators who hold the majority in the Senate blocked an attempt to keep the sanctions in effect.
According to the administration, …
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European ambassadors urge US to lift sanctions from Deripaska’s companies
European diplomats in the US have called for En+ and Rusal, two companies belonging to the Russian tycoon Oleg Deripaska, to be removed from the sanctions list, according to a letter to Chuck Schumer, leader of the democratic minority in the US Senate.
The document, which was published by the European foreign policy service on Friday, January 11, was authored by ambassadors from Austria, Germany, Ireland, Italy, the UK, France and Sweden, Deutsche Welle reports.
The authors believe that …
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US imposes new sanctions on Russia
The US Treasury’s Office of Foreign Assets Control (OFAC) has decided to impose new sanctions on Russia in response to Russia’s constant disregard for international laws, the department announced in a press release on December 19.
The OFAC announced new restrictions on a former officer of Russia’s Main Intelligence Directorate (GRU) who acted in the interests of Russian oligarch Oleg Deripaska.
The new sanctions also affect 15 GRU staff members for a wide range of criminal activity, including …
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Russian oligarchs forced to leave offshore havens
With three months of sanctions, the Donald Trump Administration has managed to do something which the Russian government has been unable to do for the last 27 years: stop Russian money from flowing into offshore accounts. finanz.ru reports.
Since the tightening of sanctions in April, which was accompanied by a mass audit of Russians’ accounts in Cyprus, the freezing of Oleg Deripaska’s and Viktor Vekselberg’s assets, and the elimination of the Baltic “laundromat” for laundering Russian money, …
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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 …
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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 …
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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 …
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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 …
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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 …