Russian metals tycoon says US Treasury sanctions against him are ‘balderdash’

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Russian tycoon Oleg Deripaska dismissed the latest U.S. sanctions on a series of companies that the U.S. Treasury said were connected to a scheme to evade sanctions and unlock frozen shares as nonsense.

“This balderdash isn’t worth the time,” Deripaska said by message via a spokesperson in response to a Reuters request for comment about the latest U.S. sanctions.

“While the horrific war in Europe claims hundreds of thousands of lives every year, politicians continue to engage in their dirty games. I strongly believe that we need to do everything we can to establish peace, not serve the interests of warmongers,” he said.

NEW US SANCTIONS AGAINST RUSSIA TARGET WEAPONS DEVELOPMENT, BAN URANIUM IMPORTS FOR NUCLEAR POWER

The U.S. Treasury on Tuesday announced it had sanctioned a web of Russian companies it said were being used to disguise ownership of a $1.6 billion industrial stake controlled by Deripaska.

Russian billionaire Oleg Deripaska

Russian billionaire Oleg Deripaska is seen at the St. Petersburg International Economic Forum in Saint Petersburg, Russia, on June 17, 2022. (Reuters/Maxim Shemetov/File Photo)

Austria’s Raiffeisen Bank International was planning to buy the stake and dropped the transaction following mounting U.S. pressure to abort the bid.

In its sanctions announcement, the U.S. Treasury alleged it was an “attempted sanctions evasion scheme” to unfreeze a stake using “an opaque and complex supposed divestment.”

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Since Russia’s invasion of Ukraine, Deripaska has been sanctioned by Britain for his alleged ties to Putin. He has mounted a legal challenge against the sanctions which he says are based on false information and ride roughshod over the basic principles of law and justice.

Deripaska, who made his fortune by buying up stakes in aluminum factories, has also been subjected to sanctions by the United States, which in 2018 took measures against him and other influential Russians.

Those sanctions were “groundless, ridiculous and absurd”, Deripaska has previously said.



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