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 Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
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.