Trump administration to lift sanctions on companies of Russian oligarch Oleg Deripaska
On Wednesday, the Treasury Department informed Congress that it intends to lift sanctions on three companies tied to Russian oligarch Oleg Deripaska, a close ally of Russian President Vladimir Putin and a name familiar to people following Special Counsel Robert Mueller's investigation into Russian election interference. The U.S. imposed sanctions on Deripaska and his three companies — Rusal, the world's No. 2 aluminum company; Russian energy company EuroSibEnergo; and their parent company, EN+ Group — in April, in retaliation for the Russian election meddling and other hostile acts.
The sanction on Deripaska himself will remain in place, and the Treasury Department has allowed the companies to continue operating since April while they negotiated a settlement with U.S. regulators. Under the binding agreement announced Wednesday, Deripaska will reduce his stake in EN+ to 44.95 percent from 70 percent, won't be able to increase his stake, and won't have access to the proceeds from the sales of his shares or future dividends issued by the companies. Those and other concessions will be overseen by the Treasury's Office of Foreign Assets Control.
The announcement was made shortly after the Treasury Department disclosed new sanctions on 15 Russian agents linked to the 2016 election interference, including a former Russian military intelligence officer who reports to Deripaska, according to the U.S. The Treasury Department cited the economic costs to the U.S. and other nations of sanctions against Rusal, echoing talking points in a multimillion-dollar lobbying and legal campaign waged by the companies.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The lifting of sanctions on Deripaska's companies amounts to President Trump "sliding another big gift under Vladimir Putin's Christmas tree," said Rep. Lloyd Doggett (D-Texas). He said the agreement "appears to be a shell game brokered by a sanctioned Russian bank, VTB Bank, involving one of Putin's closest buddies, Oleg Deripaska," and he urged Congress to look into the deal. Unless Congress acts in 30 days, the sanctions will automatically be lifted.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
A history of student protest at Columbia University
The Explainer Anti-Israel demonstrations at NYC's Ivy League university echo protests against Vietnam War and South African apartheid
By Harriet Marsden, The Week UK Published
-
'Trump is ruled in contempt'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Hainault sword attack: police hunt for motive
Speed Read Mental health is key line of inquiry, as detectives prepare to interview suspect
By Arion McNicoll, The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published