Deripaska Willing To Give Up Control of GAZ Group if U.S. Treasury Will Lift Sanctions

April 17, 2019 (EIRNS)— Russian businessman Oleg Deripaska says he is ready to give up control of the GAZ Group automotive conglomerate in return for the U.S. lifting sanctions on the GAZ Group. Sanctions on the company are related to Deripaska, and not the activities of the company. It has been reported that the U.S. Treasury has already indicated it is willing to lift the sanctions if Deripaska divests his interests in the company.

Deripaska has divested his interest in the En+ Group which led to the lifting of sanctions on RUSAL, Russia’s largest aluminum producer, which allowed the latter to negotiate a preliminary agreement to set up an aluminum mill in Kentucky with the U.S. company Braidy Industries, as EIR reported April 15.

When asked if he is ready to give up control of GAZ Group, Deripaska said: “Yes, as it was done in En+,” according to TASS.

He said if sanctions are not lifted, there is no chance GAZ Group would survive. GAZ has numerous agreements with Western companies many of which have ceased cooperation because of the sanctions. GAZ is also under huge pressure from its banks.

The U.S. Treasury Department said in March that it was extending a deadline for investors to divest from the GAZ Group by July 6.