Inside Deripaska's scramble to soften Russia sanctions blow [Reuters]
GE Aerospace (GE)
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Source: Reuters
Inside Deripaska's scramble to soften Russia sanctions blow | Reuters 8 Min Read MOSCOW/LONDON (Reuters) - In December, as news reports emerged about potential new U.S. sanctions against Russia, aluminum magnate Oleg Deripaska instructed advisers to draw up contingency plans, according to people close to the businessman and his firms. Senior executives, lawyers and aides working for the Russian tycoon met almost weekly to develop a game plan for different sanctions scenarios, the people said. They even took preemptive steps to mitigate the impact of sanctions, including switching most dollar payments and loans of Deripaska’s En+ Group PLC into euros and pounds as well as planning to replace U.S. equipment suppliers with European ones, according to one of the people involved in the planning. But they concluded there was one scenario so severe that there would be little they could do if it came to pass: the stiffest sanctions being applied to his business empire, not just Deripaska hims
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