Deripaska renounced 3 private jets driven by sanctions 

Deripaska renounced 3 private jets driven by sanctions
Oleg Deripaska

Two out of three have already been put up for sale.

Russian oligarch Oleg Deripaska is forced to stop using three Gulfstream Aerospace private jets of business class, which he was leasing. RBC cites, Alireza Ittihadieh, the Head of Freestream company, which sells aircraft, who said the companies owning the business jets can no longer provide service to the Russian businessman and representatives of his companies because of the sanctions imposed by the US Treasury.

Ittihadieh added that the planes used for trips of "top management, including Deripaska himself," according to the sanctions rules, are to be returned to their owners, and leasing contracts are to be prematurely terminated. Companies under Deripaska’s control leased Gulfstream G550 aircrafts through an intermediary from Credit Suisse and Raiffeisen banks.

At the moment, two of the three aircrafts used by him have already been put up for sale at a price of almost $30 million each, Reuters reports.

To recap, in April 2018 the US authorities introduced sanctions against Russian businessmen, companies, officials and senior executives of state corporations. The list includes Oleg Deripaska, as well as his companies - Rusal, En+ and their substructures. After that, the shares of Rusal plummeted (later their value rose again).

Gulfstream-G550

Gulfstream-G550

Under the terms of the sanctions, American companies are prohibited from any cooperation with Deripaska. Companies that are not controlled by the US government can also be punished if it turns out that they landed significant deals with a person or organization that is subject to sanctions. Hence, European banks are afraid to keep terms with Deripaska or any firms related to him.

To reduce pressure on the company, on April 27 Deripaska agreed to step out from the Board of Directors and shrink his stake in En+.

In early May, there appeared a message of US Treasury Secretary Steven Mnuchin that Washington, which had imposed sanctions on UC Rusal, had no intention of ruining the Russian aluminum company or pushing it out of business, however Deripaska owning 48% of securities should abandon control of the company.

Earlier, the American sanctions almost left owner of Crocus Group, Araz Agalarov, without his jet, he had to urgently repay a $20-million loan in American bank Stonebriar Commercial Finance, under which his Gulfstream G550 served as collateral.

The businessman himself explained that in late January, after the Kremlin report was published, the bank's spokespersons informed him that if he did not redeem the loan his aircraft would be confiscated.

Discuss

Recommended

1 / 3