Sanctions On Russian Tycoon Deripaska Will Create Global Ripples

www.oann.com | 4/6/2018 | Staff
tiffcourt011 (Posted by) Level 3
MOSCOW (Reuters) – The U.S. government’s decision to include Russian magnate Oleg Deripaska on its sanctions blacklist on Friday will reverberate around the world because his business empire has a global footprint and counts major multinationals as partners.

Washington imposed sanctions on seven Russian oligarchs, 12 companies they own or control, as well as 17 senior Russian government officials because, it said, they were profiting from a Russian state engaged in “malign activities” around the world.

Deripaska - Forbes - Magazine - Worth - Owner

Deripaska, estimated by Forbes magazine to have a net worth of $6.7 billion, is the main owner of the conglomerate EN+, which in turn is the co-owner of some of the world’s biggest metals producers, Rusal and Nornickel.

Deripaska’s inclusion on the U.S. sanctions list could potentially create complications too for companies with which he does business; they include German car giant Volkswagen and commodities trader Glencore .

Deripaska - Comment - Sanctions - Part - Empire

Deripaska has made no public comment about the sanctions. Part of his empire, Rusal, said it regretted its inclusion on the U.S. sanctions list, adding that its advisors were studying the situation.

Hong Kong-listed Rusal is one of the world’s biggest aluminum producers. It says exports to the United States account for over 10 percent of its output.

Rusal - Assets - Italy - Ireland - Sweden

Rusal owns assets in Italy, Ireland, Sweden, Nigeria, Guyana, Guinea. It owns a stake in Australian QAL, the world’s top alumina refinery.

Nornickel has assets in Finland, in Australia, where it holds a license to develop the Honeymoon Well Project, and in South Africa, where it has a 50 percent stake in the country’s only nickel concentrate producer, Norilsk Nickel Nkomati.

Nornickel - Representative - Risks - Sanctions - Shareholder

A Nornickel representative declined to comment on the risks resulting from the sanctions on their shareholder.

In its statement announcing the sanctions, the U.S. Treasury Department said U.S. entities will be “generally prohibited from dealings with” the people and firms on the sanctions list.

Addition

In addition, it...
(Excerpt) Read more at: www.oann.com
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!