Deripaska’s Two-Decade Wooing of U.S. Ends in Financial Meltdown [Bloomberg Business News]
Alcoa Corporation (AA)
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Source: Bloomberg Business News
For two decades, Oleg Deripaska pursued one of the few things he couldn’t buy—American acceptance—with all the tenacity you’d expect from a man who built what was once the world’s ninth-largest fortune. The Russian billionaire hired Wall Street lawyers and K Street lobbyists, bought a Washington mansion on Embassy Row and even offered to help find a missing American spy in Iran. But each attempt to obtain a basic U.S. travel visa was ultimately rejected over his alleged brutality in amassing the wealth that opened so many doors elsewhere, including to Vladimir Putin’s Kremlin. The U.S. on Friday hit Deripaska with what may end up being the most costly sanctions ever imposed on a businessman and his publicly traded companies. He was singled out probably because he tried to get a visa so many times that U.S. officials have investigated him more deeply than any other Russian tycoon, according to Anders Aslund, a senior fellow who studies the Russian economy at the Atlantic
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