Vekselberg wants to appeal sanctions order

Vekselberg wants to appeal sanctions order
Viktor Vekselberg

The Renova owner said the restrictions imposed by the US are "unlawful and unfair".

Viktor Vekselberg, the owner of the Renova Group, intends to challenge the sanctions imposed on him and his companies by the US authorities.

 “My stance is simple: the sanctions are unlawful and unfair and I’m going to challenge them,” Vekselberg told reporters when asked if he was negotiating with the US Treasury asking if there is any chance the sanctions could be lifted (quote by RIA Novosti).

Meanwhile, Vekselberg did not specify when exactly the claim would be filed, and to which court.

The US authorities added Vekselberg and Renova on the SDN sanctions list issued on April 6, 2018. The assets of individuals and legal entities featuring on the SDN list are blocked in the US jurisdiction, so US citizens and companies cannot do business with them. In addition, the individuals are prohibited from entering the United States. The Ministry of Finance warned it might introduce secondary sanctions on those conducting transactions in the interests or on behalf of the SDN persons.

Reuters reported on April 2018 that payroll accounts of several people working at Renova’s Swiss office and the company’s dollar accounts got blocked. In June, Forbes reported that Swiss banks, including Julius Baer, ​​blocked about 1 billion francs in Vekselberg’s personal accounts.

With the new round of sanctions, Vekselberg started cutting his shares in a number of companies, such the Swiss companies OC Oerlikon and Schmolz+Bichenbach. In addition, after the sanctions were imposed, Renova cut its shares in the Swiss engineering company Sulzer (from 63.42% to 48.83%), the Russia-based energy company Hevel (from 51% to 46%) and the largest private heat generating company in Russia, T Plus (from 57.1% to 39.59%).

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