Russian oligarch Deripaska sues United States over sanctions

Russian metals tycoon Deripaska sues U.S. over sanctions

Russian metals tycoon Deripaska sues U.S. over sanctions

In January, the Treasury Department lifted sanctions on three Deripaska-connected companies, but left in place the sanctions on Deripaska himself.

This is the second recent lawsuit filed in this court by a Russian over the USA government's sanctions.

The Russian says the sanctions on his companies have made him the "latest victim" in the ongoing U.S. probe into Moscow's alleged political interference.

Yet Deripaska argued that any suggestion that he was party to Russian efforts to sway the US election in Trump's favor are "nothing more than false rumor and innuendo and originate from decades old defamatory attacks originated by his business competitors".

He says that because of the sanctions, he's suffered from a "wholesale devastation" of his wealth, reputation and economic livelihood.

But sanctions remain on him personally, preventing others from doing business with him.

The suit, which named the US Treasury, Treasury Secretary Steven Mnuchin, and Andrea Gacki, the head of the Treasury's sanctions unit, said Deripaska had seen his net worth drop by $7.5 billion after sanctions were imposed on him and six other Russian oligarchs on April 6, 2018. Indeed, even the Russian Government-which the designations of Deripaska were meant to pressure- has threatened to expropriate and nationalize Deripaska's businesses for the benefit of the Russian state if he fails to terminate his interest in his designated companies. These harms continue to compound daily and will continue to do so as long as Defendants maintain sanctions on Deripaska.

Djokovic keen to turn the page after Indian Wells exit
Nadal eased by 25th-seeded Diego Schwartzman 6-3, 6-1, while Federer defeated Swiss countryman Stan Wawrinka 6-3, 6-4. Muguruza next faces 18-year-old Canadian Bianca Andreescu, who surprised China's 18th-seeded Wang Qiang 7-5, 6-2.

Russian billionaire Oleg Deripaska sued the Treasury Department and Secretary Steven Mnuchin in US federal court to demand the lifting of remaining USA sanctions against him, alleging the measures were illegal and harmed his finances and reputation.

Deripaska suggested that he has been illicitly targeted by the USA because it was "publicly popular to do so".

Back in December 2018, Law&Crime reported on the news that the Trump administration was "ready to remove sanctions" from Deripaska's company United Co. As part of the deal, Rusal agreed to reduce the ownership stake held by the oligarch.

Shares of his Rusal metals group plunged and, to keep Rusal, EN+, and other companies in business, Deripaska was forced to transfer his shares to others.

"These companies have committed to significantly diminish Deripaska's ownership and sever his control", Mnuchin said.

As the report notes, this is meant to go into effect in 30 days unless Congress blocks the move.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.