Deripaska and his enterprises were preparing for sanctions
Enterprises of the oligarch began to prepare for the US to impose new sanctions on them in advance, in early December of the last year to be more precise. According to Reuters’ sources, En+ tried to convert loans in dollars into other currencies.
Reuters, citing the circles of Oleg Deripaska, informs that back in December last year, almost immediately after the news about possible introduction of new sanctions against his enterprises, the oligarch instructed his employees to draw up a business plan for this case.
As reported by the agency's interlocutors, to draw up a plan of action in the event of various consequences of sanctions, the managers of his companies, lawyers and referents working for Deripaska gathered together almost every week.
According to one of the participants in such meetings, who is the source of Reuters, in order to reduce the consequences of restrictions, preventive measures were taken in the form of converting most of the payments and loans of En+ Group from dollars into euros and pounds. It was also planned to replace American equipment suppliers with European ones.
One of the options for the development of the events considered at the meetings was one that was eventually chosen by the US authorities on April 6. As Deripaska's employees reported, when calculating such a scenario, they came to the conclusion that they had no means to prepare for such serious consequences, since restrictions are applied not only to the entrepreneur himself, but also to all his companies.
Deripaska treated the inclusion of himself and 8 companies related to him in the black list as something unreasonable, ridiculous and absurd, but not unexpected. Thus, he and the companies faced completely blocked access to the American financial system, and all counterparties were banned from dealing with them. Otherwise, the counterparties themselves were subject to secondary sanctions.
The spokesperson of Deripaska and representatives of En+ and UC Rusal declined to comment to RBC on information on the preparation of the businessman for sanctions.
Both of these companies also fell under sanctions. During the sale of their securities on April 9, on the first day of the introduction of sanctions, the indices of the entire Russian stock market fell by 8-11%. Securities of UC Rusal in Hong Kong collapsed by more than 50%, and trading in securities of En+ in London stopped before they began. On the Moscow Stock Exchange Rusal has fallen in price by 20%, and En+ - by 16%. Deripaska himself, according to Bloomberg, lost $905 million on Monday, and all the richest citizens of Russia lost $16 billion due to sanctions.
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