Deripaska Calls U.S. Sanctions on Linked Firms Nonsense

16 May 2024

    Deripaska Criticizes U.S. Sanctions as “Nonsense”

    In a recent development that has stirred the business community, Russian tycoon Oleg Deripaska has openly criticized the new round of U.S. sanctions. The U.S. Treasury Department targeted a series of companies, alleging their involvement in a scheme to evade existing sanctions and unlock frozen shares. Deripaska’s response was conveyed through a spokesperson, who quoted him as saying, “This balderdash isn’t worth the time.”

    The sanctions, which were announced on Tuesday, are said to be part of an “attempted sanctions evasion scheme” involving a $1.6 billion industrial stake that Deripaska controls. According to the U.S. Treasury, these companies were being used to disguise ownership and facilitate an “opaque and complex supposed divestment.” The move by the U.S. Treasury comes amidst ongoing tensions and the tragic loss of life due to the war in Europe.

    Deripaska’s statement further addressed the situation, emphasizing his belief in the need for peace. “While the horrific war in Europe claims hundreds of thousands of lives every year, politicians continue to engage in their dirty games. I strongly believe that we need to do everything we can to establish peace, not serve the interests of warmongers,” he asserted.

    The Austrian financial institution Raiffeisen Bank International (RBIV.VI) was reportedly in talks to acquire the stake in question but withdrew from the transaction after increased pressure from the United States.

    Deripaska has faced sanctions from multiple Western countries since Russia’s invasion of Ukraine. The British government has sanctioned him for his alleged connections to President Vladimir Putin, a claim Deripaska contests. He has initiated legal action against these sanctions, which he argues are based on misinformation and disregard legal principles.

    In 2018, the United States imposed sanctions on Deripaska and other prominent Russians, which he has previously described as “groundless, ridiculous and absurd.” Following the invasion of Ukraine, Deripaska also lost his Cypriot citizenship as Cyprus revoked the status of several Russians identified by the European Union as being close to Putin. On April 8, 2022, Deripaska was added to the E.U.’s sanctions list, resulting in a freeze on his assets and a travel ban within member states.

    (With information from Reuters)

    Oleg Deripaska dismissed the latest U.S

    Why did Oleg Deripaska call the latest U.S. sanctions nonsense?

    Oleg Deripaska criticized the latest U.S. sanctions as nonsense, likely viewing them as ineffective or unjust, and possibly asserting that they fail to address the complexities of international business and geopolitics.

    Does Deripaska consider U.S. sanctions on his firms nonsense?

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