Mexican Media Brands
U.S. Pressures GAZ to Drop Deripaska Ties
Russian carmaker OAO GAZ can avoid new U.S. economic sanctions only if oligarch Oleg Deripaska disposes of his ownership of the company through his Basic Element group, according to the U.S.
#economics
Share
Russian carmaker OAO GAZ can avoid new U.S. economic sanctions only if oligarch Oleg Deripaska disposes of his ownership of the company through his Basic Element group, according to the U.S. Dept. of the Treasury.
The U.S. levied the sanctions last week against Russia for the country’s efforts to tamper with the 2016 presidential election. The Treasury Dept. has given the carmaker until Oct. 23 to sever its ties with Deripaska, a close associate of Russian President Vladimir Putin.
The same sanctions prompted Porsche Automobil Holding SE to suspend plans last week to add newly appointed GAZ Group Chairman Siegfried Wolf to its supervisory board. Wolf is former co-CEO of Magna International Inc.
Deripaska also has run afoul of U.S. aluminum and steel import tariffs. The sanctions affect United Co. Rusal, Russia’s largest aluminum producer and another Deripaska-linked company. Bloomberg News notes that last week EN+ Group, a holding company through which Deripaska holds his stake in Rusal, said the oligarch would step down from the EN+ and Rusal boards.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
Tariffs on Autos: “No One Wins”
While talk of tariffs may make the president sound tough and which gives the talking heads on cable something to talk about, the impact of the potential 25 percent tariffs on vehicles imported to the U.S. could have some fairly significant consequences.
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.