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 alleged intervention in the US Presidential elections in 2016.
“Meanwhile, Volkswagen suspended negotiations on the purchase of a share in GAZ Group, a Russian automotive conglomerate partly owned by Oleg Deripaska, because of the sanctions. Deripaska was also not welcomed to the World Economic Forum in Davos because of the US sanctions. As a result, the billionaire was invited after all, but he went to Baikal to fish instead of going to Switzerland,” Vesti.ru reported.
According to Forbes, the US sanctions against Deripaska cost him almost half of his fortune, which the magazine estimated has dropped by $3.1 billion over the last year. Deripaska's remaining assets are still valued at an impressive $3.6 billion, but the future of the billionaire is uncertain. The latest losses may have caused irreparable damage to his reputation.