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Oleg Deripaska

May 05, 2023

In this name that follows Eastern Slavic naming conventions, the patronymic is Vladimirovich and the family name is Deripaska.

Oleg Vladimirovich Deripaska (Russian: Олег Владимирович Дерипаска; born 2 January 1968)[2] is a Russian billionaire and an industrialist.[3][4] Deripaska enriched himself on previously state-owned assets that were privatized in the aftermath of the collapse of the Soviet Union.[5] He is the founder of Basic Element, one of Russia's largest industrial groups, and Volnoe Delo, Russia's largest charitable foundation. He was the president of En+ Group, a Russian energy company, and headed United Company Rusal, the second-largest aluminum company in the world, until he quit both roles in 2018.[6][7]

Oleg Deripaska
Олег Дерипаска
Deripaska in an economic forum, 2020
Born
Oleg Vladimirovich Deripaska

(1968-01-02) 2 January 1968 (age 55)
Dzerzhinsk, Russian SFSR, Soviet Union
CitizenshipRussia, Cyprus[1]
Alma materMoscow State University, Plekhanov Russian Academy of Economics
Occupation(s)Oligarch, industrialist
Known forFounder of RUSAL
Founder of Basic Element
Founder of Volnoe Delo Foundation
Spouse
Polina Yumasheva
​
​
(m. 2001; div. 2018)​
Children2
Awards
Websitederipaska.com

He has been characterized as a victor in the "aluminium wars" in Russia during the 1990s, which were frequently violent conflicts between businesspeople to obtain state-owned assets.[8][9] In 2000, Deripaska founded Rusal, the result of a partnership between Sibirsky Aluminium and Roman Abramovich's Millhouse Capital.[10] In 2007, Rusal merged with SUAL Group and Glencore International AG to form UC Rusal, with Deripaska as chairman.[11]

He was once Russia's richest man, but lost a substantial part of his fortune amid the 2007–08 financial crisis. As of June 2022, his wealth was estimated by Forbes at $3.2 billion, making him the 920th richest person in the world.[12] Deripaska bought himself Cypriot citizenship (and therefore EU citizenship) in 2017.[1]

He was placed under U.S. sanctions in 2018 for reasons relating to the 2014 annexation of Crimea by Russia.[13][14] Deripaska was one of seven oligarchs sanctioned by the British government over the 2022 Russian invasion of Ukraine, including asset freezes and travel bans.[15]

In March 2022 he called for peace in Ukraine,[16][17] and said that destroying Ukraine would be a "colossal mistake". Several months later, his hotel complex in Sochi was seized by Russian authorities.[18]

Education and early career

Early life

Deripaska was born in Dzerzhinsk, Nizhny Novgorod Oblast, Soviet Russia and grew up in Ust-Labinsk, Krasnodar Krai. His parents came from Kuban.[19] He is Jewish.[20] Deripaska grew up on the family's small farm, where from the age of 5 or 6, he learned how to live off the land from his grandparents,[21] who primarily raised him after his widowed mother, an engineer, had to leave to find work.[22] Deripaska credits his grandparents for teaching him the discipline of hard work along with farming.[21] Both his grandfathers fought in the Second World War. His maternal grandfather returned to Russia after the war ended.[23] His paternal grandfather Timofey Deripaska (1918-1945)[24] was killed in battle and buried in a mass grave in Austria — in his memory, Deripaska built a Russian Orthodox church in the town Laa an der Thaya.[25][26][27]

Deripaska's first job was at the Ust-Labinsk plant where his mother worked. At age 11, he became an electrician's apprentice doing maintenance on electrical motors.[23] His talent for math allowed him to enroll at the physics faculty of Moscow State University in 1985.[21] One year into his studies, he was conscripted into the armed forces and served in the Soviet Strategic Missile Forces[21] in the Trans-Baikal district of Siberia from 1986 to 1989.[23]

Education

In 1993, Deripaska graduated with honors in physics from Moscow State University;[28] however, the collapse of the Soviet Union greatly reduced academic funding, making it impossible for him to continue his studies as a theoretical physicist.[23] There were no available stipends or grants for students. "We had no money. It was an urgent and practical question every day. How do I earn money to buy food and keep studying?" he recalls.[23] In 1996, he earned a master's degree from the Plekhanov University of Economics.[22]

Early career

At the age of 25, teaming up with fellow physicists, engineers and rocket scientists, Deripaska set up his first metal trading company, VTK. He adopted a systematic, scientific approach to commodity trading. "I represented companies that were buying and selling raw materials", Deripaska said.[21] Deripaska undertook export arbitrage, buying metal at low Russian prices and selling it abroad at significantly higher international market prices. Deripaska traded primarily through the Baltic state of Estonia, as the Russian system of export licenses was in disarray.[21] "I started my business at an unusual moment in history. The country in which I was born and raised had disappeared, although the new country was not fully formed. The first one gave me an excellent education; the second one gave me the chance of success", Deripaska recalled in an interview with Metal Bulletin.[23]

He used nearly all his arbitrage and trading profits to acquire his initial package of shares in the Sayanogorsk aluminum smelter in Southern Siberia.[29]

In 1994, Deripaska became director general of the plant at the age of 26.[21] In 1997, he founded Sibirsky (Siberian) Aluminium Group, which in 2000 merged with Roman Abramovich's Millhouse Capital to create RUSAL.[30] In 2003, businesses led by Deripaska increased their stake in those companies under common management to 75% by acquiring half of the interest managed by Millhouse Capital.[31] In 2004, the consolidation of RUSAL's ownership by companies related to Deripaska was completed with the acquisition of the remaining 25% equity interest in RUSAL managed by Millhouse Capital.[32]

Business growth

RUSAL went on to become the largest aluminum producer in the world, until the China Hongqiao Group surpassed it in 2015. In 2010, under Deripaska's leadership, Rusal became the first Russian company to be listed on the Hong Kong Stock Exchange.[23]

Beyond metals, which remain at the core of his diversified industrial holding, Deripaska has acquired stakes in a wide range of companies in various sectors, including energy, manufacturing, commercial vehicles, auto components, financial and insurance services,[33] leasing businesses, construction,[34] aviation, and agriculture. Among his assets are a Siberian power company EuroSibEnergo [ru],[35] that is Russia's biggest private energy company; he ownes 10% of Ingosstrakh, one of Russia's largest insurance companies; GAZ Group, a producer of cars, trucks and buses, founder of agricultural business (Kuban Agro Holding).[36][37] He established a transport company to run airports in the Krasnodar region, including Sochi and Krasnodar.[vague][38]

All these assets form part of the diversified investment and industrial group Basic Element.[39]

Basic Element built several Olympic facilities for 2014 Winter Olympics in Sochi, including the Coastal Olympic Village, Imeretisnkiy sea port, Doubler of Kurortny Avenue in Sochi, renovation of the Sochi International Airport. The total investments account for over $1.4 billion.[40]

Career

Deripaska was named businessman of the year in 1999, 2006, and 2007 by Vedomosti, a Russian business daily. During the world financial crisis Deripaska tempor had to sell his 25 % stake in Austrian construction company Strabag, but bought them back in 2010. In return, Strabag obtained a 26 % stake in Transstroy,

Troubles with US travel

In July 2006, whilst Deripaska was involved in a bid to buy the Daimler Chrysler Group, it was reported that the United States canceled his entry visa; the unnamed official declined to give a reason for the revoking of the visa.[citation needed] The Wall Street Journal reported that it could have been because Deripaska has been accused of having links to organized crime in Russia and cited as their sources two unnamed U.S. law enforcement officials.[41] The New York Times reported on 27 August 2018 that the visa had been revoked on concerns Deripaska might attempt to launder money through real estate transactions.[42] Deripaska had received a multiple-entry visa in 2005; a U.S. Federal Bureau of Investigation spokesman refused to comment. Lobbying on his behalf had been done by former Senate Republican leader and 1996 presidential candidate Bob Dole and his law firm, Alston & Bird, Senate records show. Alston & Bird was paid about US$260,000 in 2005 for work on "Department of State visa policies and procedures" tied to Deripaska.[41]

In 2009, Deripaska was again allowed entry and visited the United States twice. The Wall Street Journal reported that according to two unnamed FBI administration officials, Deripaska met with agents regarding a continuing criminal probe, the details of which were not known or reported. During Deripaska's visits, he met with leading management figures from investment banks Goldman Sachs and Morgan Stanley. The aluminum company that Deripaska headed, United Company RUSAL, was in preparations for an initial public offering. The easing of Deripaska's visa issues, which were an issue for possible investors, helped to reassure bankers. The State Department has never said why it revoked his visa and refused to comment on his 2009 visits. The visits were arranged outside of the usual process as the U.S. continues to have concerns about Deripaska's business associations. Deripaska has repeatedly denied a connection to any organized crime and said business rivals have caused the visa to be revoked by smearing him. When interviewed by the BBC in July 2009, Deripaska said that the authorities in the United States had been attempting to blackmail him by revoking his visa and thus affecting possible investors in a negative way and thereby hoping to push Deripaska into cooperating with them.[43]

NBC News reported in October 2021 that Russia had recently given Deripaska diplomatic status, allowing him to enter the U.S. with immunity.[44]

Lawsuit against Morgan Stanley

In 2015, Deripaska filed a lawsuit against Morgan Stanley, accusing the bank of using insider information to short sell Deripaska's $1.5 billion investment in shares of Canadian-based Magna International in 2008.[45]

In May 2007, Magna International chairman Frank Stronach announced that Deripaska was becoming a strategic partner in Magna.[46]

In 2007, Deripaska's Veleron investment vehicle acquired stock in Magna through a $1.2 billion loan from BNP Paribas, with Magna shares serving as collateral.[citation needed] Morgan Stanley was involved in the deal through a swap agreement with BNP Paribas where the US bank assumed the risks of the loan in return for a fixed payment from Paribas.[47]

In September 2008, Magna's stocks plummeted, hit by the global economic downturn. BNP issued a $93 million margin call to Veleron. Morgan Stanley, in turn, learned that Veleron was unlikely to meet the call and sold the stock short.[48] Deripaska claimed that Morgan Stanley abused its duties and engaged in unlawful insider trading that resulted in significant financial damage to Veleron, estimated at $15 million to $25 million.[47]

The New York jury determined in November 2015 that Morgan Stanley had "acquired inside information and traded on it despite a duty to keep it confidential and not trade on it", finding as well that Morgan Stanley did not have the intent to defraud Veleron. Veleron strongly disagreed with and said it would file an appeal.[48][when?]

Basic Element

Deripaska is the founder of Basic Element, a diversified investment group established in 1997 which has been managing investments in the following sectors: energy, metals and mining, machinery, financial services, agriculture, construction, and aviation. The major investments under Basic Element management included stakes in United Company RUSAL[49] (the world's largest aluminum and alumina producer), GAZ Group (an automotive company), Aviakor aircraft manufacturer, EuroSibEnergo (ЕвроСибЭнерго (an energy supply company)[35] Glavmosstroy (Главмосстрой) (a construction company)[50] Kuban Agroholding (an agricultural company)[36] and Basel Aero (an aviation business comprising the three largest airports in the Krasnodar territory, and a joint venture with Changi Airports International).[38] Basic Element has been managing Deripaska's investments into companies in Russia, the CIS countries, Africa, Australia, Asia, Europe and Latin America, which employ as many as 250,000 people.[39] Strikeforce Mining and Resources (SMR) is also controlled by Basic Element.[51]

En+ Group

Main article: En+ Group

The group was formed in 2006, with Deripaska as president and controlling shareholder.[52] The En+ Group is a diversified mining, metals and energy group. It owns a majority stake in UC Rusal (48.13%[53]) and in EuroSibEnergo.[citation needed]

In 2017, it reported adjusted core earnings of $2.3 billion on revenues totaling $9.8 billion.[54] In November 2017, En+ was listed on the London Stock Exchange raising $1.5 billion.[12][55]

Metals and mining

RUSAL

Main article: Rusal

United Company RUSAL is the world's second largest aluminum company. It was the largest until it was overtaken by China Hongqiao Group in 2015. In 2019, Rusal was overtaken by China's Chalco as the second biggest listed producer of aluminum.[56] As of 2018, UC RUSAL accounts for 5.8% of the world's primary aluminum output and 6.2% of the world's alumina production.[57]

In order to ensure a stable supply of alumina to its smelters, several mergers and acquisitions were accomplished by RUSAL under Deripaska. At the beginning of the 2000s, RUSAL acquired bauxite mines in Guinea, a country with the world's largest bauxite reserves. Subsequently, RUSAL acquired a stake in an alumina refinery in Australia. At Deripaska's behest, in 2007, RUSAL, SUAL Group, one of the world's top 10 aluminum producers; and Glencore International AG, the Swiss natural resources group, merged their assets to form United Company RUSAL, the world's largest aluminum and alumina producer.[58]

After the merger with Glencore, bauxite and alumina assets in Jamaica, Italy and Ireland were added to RUSAL's portfolio. These transactions converted RUSAL from a company with few supplies of the raw material bauxite into a vertically integrated corporation.[59]

In parallel, Deripaska invested significantly in the operational improvement of smelters inside Russia. He said, "We consolidated the industry, and located bauxites that do not exist in Russia. We established the company that became the leader of industry in less than twelve years. But to become the number one aluminum producer in the world, we had to improve our operations practice. To apply the best practices in the world, we looked at Toyota, which had utilized a precise, deep and well thought-through process for almost thirty years of operations."[60]

Deripaska himself has been an active supporter of Japanese production efficiencies made popular by the "Toyota Way." RUSAL smelters have adopted the concept of kaizen, which means continuous improvement and involves training workers in standardized production techniques. "It's important to change both the company's mind set and reporting lines", Deripaska said. "Instead of top-down management, you should understand everything is in the hands of your operator and empower that operator to drive efficiencies and improvements directly on the factory floor."[21]

Under Deripaska's leadership, RUSAL constructed and commissioned Khakas aluminum smelter outside of Sayanogorsk in Russian Siberia. The Khakas facility was the first aluminum smelter built in post-Soviet Russia (since 1985). The smelter, with an annual capacity of 300,000 tonnes, is currently one of the most technologically advanced in the world.[61] The company also undertook large-scale modernization projects at a number of its facilities, including the Bratsk, Krasnoyarsk and Irkutsk aluminum smelters.[62]

In the middle of the financial crisis, Deripaska returned in 2009 to RUSAL as CEO to lead the company through the debt restructuring process. "I worked 16-hour days. We were in default, although none of the parties involved wanted to call it default." As part of contingency measures, Deripaska cut costs at RUSAL by 25% in 2009. By December 2009, Deripaska reached a final agreement with over 70 Russian and international lenders to refinance US$17 billion of debt.[21]

In 2017, Rusal issued two Eurobonds to finance its debts. The first one, worth $600 million, was issued in February,[63] followed by the second one in April, worth $500 million.[64] Also in February, plans were announced to sell 10 billion yuan worth of seven-year onshore bonds to finance purchases in China. This made Rusal the first foreign company to offer panda bonds on the Shanghai Stock Exchange.[65] The company also agreed on a pre-export finance mechanism with international lenders worth $1.7 billion for debt refinancing.[66]

In 2013, Deripaska was awarded the "Aluminium Industry Ambassador Award" in the Metal Bulletin Awards for Excellence for his "great influence within the global aluminium industry and the wider market".[67]

Deripaska stepped down from RUSAL in May 2018 the day after seven board members and the chief executive resigned. The move was part of a deal with the US Treasury to get U.S. sanctions removed from the company.[68] As part of that deal, in February 2019 it was announced that Deripaska had reduced his ownership stake in EN+ to below 50% in order to obtain sanctions relief.[69]

Cherney lawsuit

Michael Cherney brought legal action against Deripaska in the Commercial Court of the High Court in London.[70] Cherney sought a declaration that he was the beneficial owner of 20% of RUSAL stock which, he claimed, Deripaska held in trust for him. The claim was denied. On 3 May 2007, Justice Langley ruled that Deripaska had not been properly served, and that the court had no jurisdiction to try the claim as Deripaska did not live in England or Wales.[71]

On 3 July 2008, Justice Christopher Clarke ruled that the case should be tried in England, although "the natural forum for this litigation is Russia", because, he held, "risks inherent in a trial in Russia...are sufficient to make England the forum in which the case can most suitably be tried in the interest of both parties and the ends of justice".[72] On 22 July 2008, he granted Deripaska the right to appeal. The Court of Appeal of England and Wales rejected the appeal on 31 July 2009.[73]

At a June 2011 case management conference, the judge deferred a decision on whether Cherney would be allowed to give evidence by video link from Israel rather than appear in person. An outstanding arrest warrant issued by Interpol meant that the British would detain him if he travelled to the UK.[74][75] In late July 2011, the High Court ruled to allow Cherney to give evidence at the trial by video link from Israel, and also set trial for April 2012.[76] Deripaska denied that Cherney was owed any stake in RUSAL, and asserted payments made to Cherney had been for unavoidable "protection" at a time when violence was sweeping the region and posed an existential threat to any profitable business in the country. In an interview with The Telegraph, Deripaska said he was one of the few who worked to clean up Russian industry and provided support to law enforcement agencies. However, in this early chaotic period paying protection money to criminal gangs was inescapable, as revealed in court testimony.[77]

In September 2012, Cherney terminated his UK lawsuit against Deripaska.[78]

Energy

EuroSibEnergo

EuroSibEnergo controls and manages 18 power plants with a combined installed energy capacity of 19.5 GW, including 15 GW provided by hydrogeneration. The company produces approximately 9% of all electricity in Russia and is also the leader in the Siberian energy market, with a market share totaling 41%. Some of EuroSibEnergo's key clients include the largest aluminum plants in Russia. The company owns large fuel resources, which satisfy over 85% of the coal needs of its thermal power and boiler plants. Its coal reserves amount to 1.26 billion tons, with annual coal production exceeding 12 million tons.[79]

En+ Group, of which EuroSibEnergo is a subsidiary, is investing in a joint venture with China's largest hydroelectric power generation company China Yangtze Power Co to build new power plants in Siberia, primarily hydroelectric ones, with a total capacity of up to 10 GWt.[80]

Machinery

Russian Machines

Russian Machines corporation was established in 2005 and unites Deripaska's machine building assets. It comprises industrial and engineering assets in the following industries: automotive OEM (GAZ Group), automotive components (RM-Systems), rail industry (RM Rail), aircraft OEM (Aviacor), road construction (RM-Terex) and agricultural machinery (AGCO-RM).[81]

Russian Machines Corporation manages 24 facilities located across 12 regions in Russia.[81]

In September 2017, Deripaska entered into a joint venture through his Russian Machines (Russian: «Русские машины») with AGCO called AGCO-RM SPIC project (Russian: проекта СПИКа АГКО-РМ).[82][83]

GAZ Group

In 2000, Deripaska started acquiring machine building assets. His first acquisition was Nizhny Novgorod-based Gorkovsky Automobile Plant (GAZ), which was previously a government-run company. In 2005, GAZ Group was established by combining Deripaska's machine building assets.[84]

The Russian automotive conglomerate, GAZ Group, comprises 18 manufacturing facilities in eight regions of Russia, as well as sales and service organizations. GAZ Group produces light and medium commercial vehicles, heavy trucks, buses, cars, road construction equipment, power units, and automotive components.[81]

In March 2019, GAZ Group asked the Russian government for $468 million in support claiming that US sanctions placed on Deripaska could cut production by almost 40% in the second half of that year.[85]

Airports

Basel Aero, a joint venture between Changi Airports International, Basic Element and Sberbank of Russia, is a company-operator the Sochi, Krasnodar and Anapa airports.[86]

These airports handle more than 7% of the total passenger flow in Russia.[87] Sochi International Airport was the main gateway to Sochi 2014 Winter Olympics and successfully serviced the guests and participants of the Games.[86]

In October 2014, Sochi was granted open skies status, meaning that any foreign carrier may pick up and drop off passengers and cargo with no restrictions on aircraft type, frequency, and regardless of interstate agreements.[88]

Financial services

Deripaska personally holds 10% of Ingosstrakh's ordinary shares. The company is a leading insurer of complex risks such as insurance for ship owners, ship hull insurance, insurance against aviation and space-related risks, and insurance of transportation companies. Ingosstrakh has 83 branches in Russia and the company's offices operate in 220 Russian towns and cities.[89]

Agribusiness

In 2011, Deripaska established Kuban Agroholding, a 75,000-hectare agribusiness in the Krasnodar region.[90] The company integrates two dairy farms, а 16,000 pig capacity breeding complex, three elevators with non-recurrent grain storage capacity of more than 270,000 tonnes, three grain processing plants, a sugar factory and the Sunrise horse breeding farm, specializing in the breeding of English thoroughbred horses. It is one of the top-20 largest agribusinesses and top-5 most efficient land users in Russia.[91]

Kuban Agroholding is one of the few agrocompanies in Russia involved in embryo transfer technology that allows for the reproduction of high-yielding milk cows using less-productive surrogates.[92]

The company has gained significant media attention for its corn-seeding program, deploying several dozen corn brands selected by its genetic specialists.[92]

According to Forbes in June 2019, Deripaska's Kuban land bank was the fourteenth largest in Russia.[93]

Other roles

In 2004, Deripaska was appointed by the President of Russia to represent the country in the Asia-Pacific Economic Cooperation Business Advisory Council (ABAC). He has been Chairman of ABAC Russia since 2007. Deripaska is the vice president of the Russian Union of Industrialists and Entrepreneurs, chairman of the executive board of the Russian national committee of the International Chamber of Commerce and a member of the Competitiveness and Entrepreneurship Council, an agency of the Russian government.[94]

He has been a permanent participant at World Economic Forum sessions since 2007, when RUSAL became a WEF strategic partner.[95]

Charitable and other activities

Deripaska sits on the board of trustees of the Bolshoi Theatre, and has financed ballet performances like Flames of Paris, La Sylphide, and Paquita as well as operas like The Legend of the Invisible City of Kitezh and the Maiden Fevroniya, Carmen, and Wozzeck.[96]

In 2020 during the pandemic he donated money to construct hospitals in Siberia.[97]

Volnoe Delo

In 1998, Deripaska established a charitable foundation in Russia, Volnoe Delo.[98][99][100] The fund supports initiatives in Russia aimed at developing education and science, preserving spiritual and cultural heritage, and improving standards in public health.[100][101][102] Since 1998, Deripaska claims to have invested in more than 500 charity programs in 50 regions of Russia.[103][additional citation(s) needed] Volnoe Delo has supported research activities in the 2,550-year-old city of Phanagoria since 2004. More than $10 million has been allocated to Phanagoria fieldwork over the past 14 years.[104] Today, Phanagoria is one of the best-equipped archeological sites in Russia and has a scientific and cultural center, equipment and technology for above-ground and underwater excavation, as well as a team of specialists involved in the excavation process.[105] In 2014, Volnoe Delo foundation launched a programme for students' early career guidance and professional training—JuniorSkills.[106] The first, pilot, championship on professional skills, JuniorSkills Hi-Tech, was held in the Urals city of Yekaterinburg in 2014, part of the nationwide championship on cross-industry blue-collar professions in high-tech "WorldSkills". In 2020 during the pandemic of COVID-19 it bought new ambulances and sent them to twelve Russian towns in Siberia and the Urals.[97]

Other

Deripaska is also a member of the International Council at Harvard University's Belfer Center for Science and International Affairs.[107]

During the West African Ebola virus epidemic Deripaska personally initiated construction of the Centre for Epidemic and Microbiological Research and Treatment in the Guinean Kindia province. The centre was designed and constructed by RUSAL specialists with the assistance of Rospotrebnadzor scientists (RUSAL has invested $10 million).[108]

He sits on the board of trustees of the School of Business Administration, the School of Public Administration, and the School of Economics at Moscow State University as well as the School of Business Administration at St. Petersburg State University. Deripaska is a co-founder of the National Science Support Foundation and the National Medicine Fund. In 1999, he was awarded the Order of Friendship, a state award of the Russian Federation.

In February 2014, Deripaska financed the construction of makeshift kennels to house stray dogs that had been abandoned by construction workers after completing work on the Sochi Olympic Village.[109]

In October 2015 Deripaska called for governments not to agree to the Paris climate accords, arguing that countries like India and China needed to contribute more to avoid competition problems.[110]

As part of a public relations campaign, he said in April 2021 that Rosstat (Federal State Statistics Service) data showing that there are 17.8 million poor people living below the country's subsistence minimum was wrong, and that the correct number was about 80 million.[111]

Investigations

Spanish investigation

Deripaska and Iskander Makhmudov (head of UGMK) were asked by Spanish police to answer questions in relation to a money-laundering enquiry.[112]

While Deripaska had been interrogated previously as a witness in Spain and England and by the FBI about money laundering, he was never charged with any crimes.[113]

On 25 January 2010, the Financial Times published a story titled "Rusal: A lingering heat" exploring Deripaska's business relations with Sergei Popov and Anton Malevsky, alleged heads of Russian organized crime groups.[114] Deripaska has accused Michael Chernoy of using Malevsky and the Izmailovskaya syndicate to extort US$250 million from him as part of a protection racket.[115] However, Deripaska has himself been accused of having similar links to Malevsky, who, with his brother Andrei, owned a 10% stake in Deripaska's company. Deripaska denies the claims.[116]

In November 2011, Spain's High Court sent the criminal cases against Deripaska to the Russian General Prosecutor's office because the root of the cases is Russian.[117]

Political relationships

 
Vladimir Putin and Deripaska, 19 March 2002

Vladimir Putin

Deripaska is known for his close ties with Russian president Vladimir Putin. Their relationship became visibly strained amidst Deripaska's financial struggles in 2009. In an incident broadcast on Russian television, Putin visited a stalled cement factory owned by Deripaska and berated its management. He forced Deripaska to sign a contract promising to pay nearly $1 million in unpaid wages.[22][118] Their relationship recovered, however, and Deripaska has been described as "Putin's favorite industrialist".[119] Leaked U.S. diplomatic cables from 2006 described Deripaska as "among the 2–3 oligarchs Putin turns to on a regular basis" and "a more-or-less permanent fixture on Putin's trips abroad".[120] In an 2011 interview with The Globe and Mail, Kinross Gold CEO Tye Burt, who knows Deripaska, said "I believe Russia recognizes Oleg's major role in building a renewed economic base in a broad range of domestic businesses and rejuvenating ailing companies and infrastructure."[22]

Comments on Putin's invasion of Ukraine

On 27 February 2022, the third day of the Russian invasion of Ukraine, Deripaska posted on Telegram: "Peace is very important! Negotiations need to start as soon as possible!" The following day, he addressed the economic situation posed by Western sanctions in a series of posts:[121]

"I really want clarifications and intelligible comments on the economic policy for the next three months," Deripaska said, adding that the Russian central bank's decision to dramatically hike interest rates and force companies to sell foreign currency are the "first test of who will actually be paying for this banquet".[121] "It is necessary to change the economic policy, [we] need to put an end to all this state capitalism," he added. Referring to Moscow's earlier annexation of Ukraine's Crimea peninsula and the subsequent introduction of Western sanctions, he warned that "unlike 2014, it will not be possible to sit this out now".[122]

In February 2022 Deripaska said that the war in Ukraine would bring 200 years of damnation to Russia.[123]

On 28 June in a press conference held for that purpose at a Moscow university Deripaska said repeatedly it would be a "colossal mistake" and a "colossal error" for Russia to destroy Ukraine with its military offensive and termed as "war", a word that is effectively banned in Russia in the context of the invasion of Ukraine.[124][123] He thinks the war on Ukraine is completely mad, and said that the sanctions are of course more harmful for the Russian economy than the West: "The debt markets are closed, the capital markets are closed, foreign owners are expropriated; it is a major upheaval."[123]

On 20 December 2022, the Financial Times published an article saying a Russian court had ordered the seizure of a luxury hotel complex in Sochi worth $1 billion owned by Oleg Deripaska. According to several cited sources the seizure of assets was triggered by Deripaska's criticism of the war.[125]

Nathaniel Rothschild and Peter Mandelson

Deripaska is a friend of Nathaniel Rothschild, a major investor in both Glencore and United Company RUSAL. Together Deripaska and Rothschild hosted George Osborne and Peter Mandelson on Deripaska's yacht in Corfu in the summer of 2008.[126] Osborne was then Shadow Chancellor of the Exchequer of the United Kingdom and a friend of Rothschild from school and university. Peter Mandelson has reportedly maintained private contacts over several years with Deripaska.[127]

News of the contacts sparked criticism because, as European Union Trade Commissioner, Mandelson had been responsible for decision to cut aluminium tariffs from 6 to 3%, a decision that had benefited Deripaska's Company RusAl.[128] Mandelson insisted that he had never discussed aluminium tariffs with Deripaska.[129] On 26 October 2008 the Shadow Foreign Secretary William Hague claimed the "whole country" wanted "transparency" about Mandelson's previous meetings with Deripaska. In response, Prime Minister Gordon Brown said Mandelson's dealings with Deripaska had been "found to be above board".[130] Mandelson said that meeting business figures from "across the range" in emerging economies was part of his brief as EU Trade Commissioner.[131] On 29 October 2008, while Mandelson was on a ministerial visit to Moscow,[132] it was alleged in the British press that Valery Pechenkin, the head of security at Deripaska's company Basic Element, organised a swift entry visa for Mandelson when he came to Moscow to visit Deripaska in 2005.[133]

Paul Manafort

On 22 March 2017, the Associated Press published a report alleging that Paul Manafort, Donald Trump's former presidential campaign manager, negotiated a $10 million annual contract with Deripaska to promote Russian interests in politics, business, and media coverage in Europe and the United States, starting in 2005.[134] Both Deripaska and Manafort confirmed working together in the past,[135] but rejected the contents of the AP story. Manafort argued that his work had been inaccurately presented, and that there was nothing “inappropriate or nefarious" about it.[136][137]

Responding to the allegations, on 28 March 2017, Deripaska published open letters in the print editions of The Washington Post and The Wall Street Journal in which he denied having signed a $10 million contract with Manafort in order to benefit the Putin government.[138] He also stated willingness to testify before the United States Congress about these allegations,[139] and argued that the accusations were part of "the negative context of current US-Russian relations."[140] Congressional sources cited by The New York Times said lawmakers declined Deripaska's request[clarification needed] after he had asked for immunity from criminal prosecution. Unnamed officials argued that "immunity agreements create complications for federal criminal investigators".[141]

On 15 May 2017, Deripaska filed a defamation and libel lawsuit against the Associated Press in U.S. District Court in D.C., arguing that[142] the report falsely claimed that Deripaska had signed a contract with Manafort to advance the goals of the Russian government.[143] The lawsuit was dismissed in October 2017 on the grounds that Deripaska had not disputed "any material facts" in the story by the Associated Press.[144]

While Manafort served within the 2016 U.S. presidential campaign, it is alleged that Manafort, via Kyiv-based operative Konstantin Kilimnik, offered to provide briefings on political developments to Deripaska.[145][146] Behaviors such as these were seen by writers at The Atlantic as an attempt by Manafort "to please an oligarch tied to" Putin's government.[147]

Navalny video

In February 2018, Alexei Navalny published a video about a meeting between Deripaska and Deputy Prime Minister of Russia Sergei Eduardovich Prikhodko on a yacht traveling near Norway. According to Navalny, Deripaska probably served as a middle man between the Russian government represented by Prikhodko and Paul Manafort during Russian interference in the 2016 United States elections.[144] Prikhodko denied the allegations, accusing Navalny of "mixing the facts" about his "friend" Deripaska, Donald Trump and Paul Manafort, while also voicing his wish to have talk with Navalny as a "man with a man".[148][149][150]

A day after the video was published the Roskomnadzor added the video to the Federal List of Extremist Materials, thus making accessing the video illegal for all Russian citizens.[151] It also ordered YouTube to remove seven videos and Instagram to take down 14 points that were cited in the investigation; neither YouTube nor Instagram had responded as of 12 February 2018. According to a Roskomnadzor representative who spoke to Vedomosti, a "court injunction of this sort against content hosted on Instagram and YouTube is unprecedented for Russia". The New York Times noted that this may presage a "more aggressive approach by the Russian government" to control online activities.[152]

Vashukevich recordings

In March 2018, fearing her own death while incarcerated in Bangkok, Anastasia Vashukevich, a Belarusian escort who claimed to have an intimate history with Deripaska, claimed to have over 16 hours of audio recordings she said could shed light on possible Russian interference in American elections. She offered the recordings to American authorities in exchange for asylum, but was deported and arrested in a Russian airport. Vashukevich said the recordings from August 2016 include Deripaska discussing the United States presidential election with three English-speakers who Vashukevich believed were American. "Deripaska had a plan about elections", Vashukevich said. In court, Vashukevich apologized to Deripaska, and said Russian agents visited her in jail to urge her to cease public statements about him. The New York Times argued that her claims might be easily dismissed were it not for the Navalny video.[153] Deripaska denies an intimate history with Vashukevich.

Sanctions

Australian sanctions

On 18 March 2022, Australia added Deripaska to its sanctions list.[154]

European Union sanctions

On 8 April 2022, the EU added Deripaska to its sanctions list, freezing his assets and imposing a travel ban in all member states.[155] On 30 November 2022, Deripaska filed an appeal against the EU's decision to sanction him.[156]

Ukraine is claiming that assets belonging to Deripaska have been moved into the name of Siegfried Wolf an Austrian citizen, who is paid by Deripaska, to avoid sanctions.[157]

UK sanctions

Following the 2022 Russian invasion of Ukraine, Deripaska was sanctioned by the British government which involved freezing his assets and a travel ban.[158] [159]

Deripaska-linked UK company Terra Services Ltd was raided in December 2018.[160]

U.S. sanctions

See also: Countering America's Adversaries Through Sanctions Act

In April 2018, the United States imposed sanctions on Deripaska and 23 other Russian tycoons and officials.[161][162] The statement of the United States Department of the Treasury said that Deripaska "ha[d] been accused of threatening the lives of business rivals, illegally wiretapping a government official, and taking part in extortion and racketeering".[163]

In May 2018, it was reporteted that Deripaska had to return three private jets owned by Credit Suisse and Raiffeisen.[164]

In October 2018 the U.S. Treasury announced that it had extended until 12 December a deadline for the full imposition of sanctions against Rusal and its parent company En+ Group, pending the review of the proposals presented by En+ Group to the U.S. government that would see Deripaska reduce his stake in En+ to below 45 per cent from around 70 per cent.[165]

In January 2019 the U.S. Treasury lifted the sanctions on companies formerly controlled by Deripaska. Sanctions on Deripaska himself remained in effect.[166] In April 2019, the U.S. Treasury Department nonetheless allowed Deripaska to transfer 10.5 million shares of his holding company En+ Group to a trust fund for his children as part of a divorce settlement with his ex-wife Polina Yumasheva, which had been finalized before the sanctions were put in place.[167] The deal to have U.S. sanctions removed from En+ Group was brokered by Greg Barker, a UK legislator, who in February 2019 went on to be appointed chairman of En+ Group.[168][169]

In March 2019, Deripaska sued the United States, alleging that it had overstepped its legal bounds in imposing sanctions on him and made him the "latest victim" in the FBI probe into Russia's interference in U.S. elections.[170] U.S. District Court Judge Amit Mehta dismissed the suit in June 2021, ruling it lacked merit.[171] On 3 October 2022, the US Supreme Court rejected the oligarch's appeal.[172]

On 29 September 2022 the United States Attorney for the Southern District of New York accused Deripaska of sanctions evasion. According to the prosecutor's office, Deripaska, through Gracetown Inc., illegally used the U.S. financial system to service real estate objects owned by him. In this he was assisted by two women: Olga Shriki, who operated in the United States, and Natalia Bardakova, who directed Shriki from Russia. They are also charged with violating U.S. sanctions. Chriqui was arrested on 29 September. All three "are charged with one count of conspiring to violate and evade U.S. sanctions, in violation of the International Emergency Economic Powers Act, which carries a maximum sentence of 20 years in prison," the statement says.[173] Edward Bonham Carter has been charged with helping Deripaska evade sanctions.[174]

In January 2023, Charles McGonigal, a former head of counterintelligence in the FBI New York City field office, was charged with conspiring with co-defendant Sergey Shestakov, a former Soviet and Russian diplomat who is a U.S. citizen, to provide services to Deripaska in 2021, in violation of U.S. sanctions imposed on Deripaska in 2018. They allegedly did so by investigating a rival Russian oligarch in return for concealed payments from Deripaska, using shell companies in the contract that outlined the services to be performed, using a forged signature on that contract, and using the same shell companies to send and receive payment from Deripaska.[175][176]

Personal life

Deripaska was married to Polina Yumasheva, the daughter of Boris Yeltsin's top adviser Valentin Yumashev and stepdaughter of Yeltsin's daughter Tatyana.[177] While Yeltsin was president, Deripaska's close ties put him in Yeltsin's inner circle, dubbed "The Family".[178] Deripaska and Yumasheva were married from 2001 to 2018.[179][180][181] The Deripaskas have two children: a son, Pyotr (born 2001), and daughter, Maria (born 2003).[182] Deripaska practices yoga, swimming, horseback riding, and hiking. At his home near Moscow, he has seven horses and six dogs.[21]

In March 2018, it was reported that Deripaska had successfully purchased Cypriot citizenship in 2017 under that country's golden visa, which generates billions[clarification needed] in revenue for the island nation. According to documents seen by The Guardian, Deripaska's first attempt to become a citizen of a country in the EU was unsuccessful because of a preliminary inquiry into his activities in Belgium. The inquiry was dismissed in 2016.[1]

In 2009, Deripaska's ranking fell to No. 164, with Forbes stating: "[H]e may not withstand collapsing markets and heavy debts".[183]

In 2010, however, his estimated $US10.7 billion fortune allowed him to rise to No. 57 of the World's Billionaires list.[184] According to Forbes magazine, he removed the heads of his two largest companies and personally negotiated with the Russian government, banks, and other creditors to restructure his loan obligations.[185] Deripaska himself in 2007 was reported to have consistently said that the estimate of his wealth was exaggerated, that it did not completely account for the amount of debt he incurred, and that he should be ranked far below the top ten on the list of the Russian billionaires.[186]

Forbes estimated his fortune at $US3.3 billion in 2015,[187] $5.2 billion in 2017,[188] and $3.3 billion in 2019.[188]

In June 2022, Forbes estimated his net worth to be $US3.2 billion.[12]

Deripaska's Cypriot registered company Edenfield Investments acquired the Grade II listed Hamstone House in the St George's Hill district of Weybridge, Surrey, in 2001.[189] Since 2006, Deripaska has owned the Haft mansion near Embassy Row in Washington, D.C., through a company incorporated in Delaware.[190]

He owns a mansion in Belgravia.[191][192]

See also

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External links

 
Wikimedia Commons has media related to Oleg Deripaska.
  • Official website
  • Deripaska's profile and assets on Russian Asset Tracker

May 05, 2023
oleg, deripaska, this, name, that, follows, eastern, slavic, naming, conventions, patronymic, vladimirovich, family, name, deripaska, oleg, vladimirovich, deripaska, russian, Олег, Владимирович, Дерипаска, born, january, 1968, russian, billionaire, industriali. In this name that follows Eastern Slavic naming conventions the patronymic is Vladimirovich and the family name is Deripaska Oleg Vladimirovich Deripaska Russian Oleg Vladimirovich Deripaska born 2 January 1968 2 is a Russian billionaire and an industrialist 3 4 Deripaska enriched himself on previously state owned assets that were privatized in the aftermath of the collapse of the Soviet Union 5 He is the founder of Basic Element one of Russia s largest industrial groups and Volnoe Delo Russia s largest charitable foundation He was the president of En Group a Russian energy company and headed United Company Rusal the second largest aluminum company in the world until he quit both roles in 2018 6 7 Oleg DeripaskaOleg DeripaskaDeripaska in an economic forum 2020BornOleg Vladimirovich Deripaska 1968 01 02 2 January 1968 age 55 Dzerzhinsk Russian SFSR Soviet UnionCitizenshipRussia Cyprus 1 Alma materMoscow State University Plekhanov Russian Academy of EconomicsOccupation s Oligarch industrialistKnown forFounder of RUSAL Founder of Basic Element Founder of Volnoe Delo FoundationSpousePolina Yumasheva m 2001 div 2018 wbr Children2AwardsOrder of Alexander Nevsky Order of FriendshipWebsitederipaska wbr comHe has been characterized as a victor in the aluminium wars in Russia during the 1990s which were frequently violent conflicts between businesspeople to obtain state owned assets 8 9 In 2000 Deripaska founded Rusal the result of a partnership between Sibirsky Aluminium and Roman Abramovich s Millhouse Capital 10 In 2007 Rusal merged with SUAL Group and Glencore International AG to form UC Rusal with Deripaska as chairman 11 He was once Russia s richest man but lost a substantial part of his fortune amid the 2007 08 financial crisis As of June 2022 his wealth was estimated by Forbes at 3 2 billion making him the 920th richest person in the world 12 Deripaska bought himself Cypriot citizenship and therefore EU citizenship in 2017 1 He was placed under U S sanctions in 2018 for reasons relating to the 2014 annexation of Crimea by Russia 13 14 Deripaska was one of seven oligarchs sanctioned by the British government over the 2022 Russian invasion of Ukraine including asset freezes and travel bans 15 In March 2022 he called for peace in Ukraine 16 17 and said that destroying Ukraine would be a colossal mistake Several months later his hotel complex in Sochi was seized by Russian authorities 18 Contents 1 Education and early career 1 1 Early life 1 2 Education 1 3 Early career 1 4 Business growth 2 Career 2 1 Troubles with US travel 2 2 Lawsuit against Morgan Stanley 2 3 Basic Element 2 4 En Group 2 5 Metals and mining 2 5 1 RUSAL 2 5 1 1 Cherney lawsuit 2 6 Energy 2 6 1 EuroSibEnergo 2 7 Machinery 2 7 1 Russian Machines 2 7 2 GAZ Group 2 7 3 Airports 2 8 Financial services 2 9 Agribusiness 2 10 Other roles 3 Charitable and other activities 3 1 Volnoe Delo 3 2 Other 4 Investigations 4 1 Spanish investigation 5 Political relationships 5 1 Vladimir Putin 5 1 1 Comments on Putin s invasion of Ukraine 5 2 Nathaniel Rothschild and Peter Mandelson 5 3 Paul Manafort 5 4 Navalny video 5 5 Vashukevich recordings 6 Sanctions 6 1 Australian sanctions 6 2 European Union sanctions 6 3 UK sanctions 6 4 U S sanctions 7 Personal life 8 See also 9 References 10 External linksEducation and early careerEarly life Deripaska was born in Dzerzhinsk Nizhny Novgorod Oblast Soviet Russia and grew up in Ust Labinsk Krasnodar Krai His parents came from Kuban 19 He is Jewish 20 Deripaska grew up on the family s small farm where from the age of 5 or 6 he learned how to live off the land from his grandparents 21 who primarily raised him after his widowed mother an engineer had to leave to find work 22 Deripaska credits his grandparents for teaching him the discipline of hard work along with farming 21 Both his grandfathers fought in the Second World War His maternal grandfather returned to Russia after the war ended 23 His paternal grandfather Timofey Deripaska 1918 1945 24 was killed in battle and buried in a mass grave in Austria in his memory Deripaska built a Russian Orthodox church in the town Laa an der Thaya 25 26 27 Deripaska s first job was at the Ust Labinsk plant where his mother worked At age 11 he became an electrician s apprentice doing maintenance on electrical motors 23 His talent for math allowed him to enroll at the physics faculty of Moscow State University in 1985 21 One year into his studies he was conscripted into the armed forces and served in the Soviet Strategic Missile Forces 21 in the Trans Baikal district of Siberia from 1986 to 1989 23 Education In 1993 Deripaska graduated with honors in physics from Moscow State University 28 however the collapse of the Soviet Union greatly reduced academic funding making it impossible for him to continue his studies as a theoretical physicist 23 There were no available stipends or grants for students We had no money It was an urgent and practical question every day How do I earn money to buy food and keep studying he recalls 23 In 1996 he earned a master s degree from the Plekhanov University of Economics 22 Early career At the age of 25 teaming up with fellow physicists engineers and rocket scientists Deripaska set up his first metal trading company VTK He adopted a systematic scientific approach to commodity trading I represented companies that were buying and selling raw materials Deripaska said 21 Deripaska undertook export arbitrage buying metal at low Russian prices and selling it abroad at significantly higher international market prices Deripaska traded primarily through the Baltic state of Estonia as the Russian system of export licenses was in disarray 21 I started my business at an unusual moment in history The country in which I was born and raised had disappeared although the new country was not fully formed The first one gave me an excellent education the second one gave me the chance of success Deripaska recalled in an interview with Metal Bulletin 23 He used nearly all his arbitrage and trading profits to acquire his initial package of shares in the Sayanogorsk aluminum smelter in Southern Siberia 29 In 1994 Deripaska became director general of the plant at the age of 26 21 In 1997 he founded Sibirsky Siberian Aluminium Group which in 2000 merged with Roman Abramovich s Millhouse Capital to create RUSAL 30 In 2003 businesses led by Deripaska increased their stake in those companies under common management to 75 by acquiring half of the interest managed by Millhouse Capital 31 In 2004 the consolidation of RUSAL s ownership by companies related to Deripaska was completed with the acquisition of the remaining 25 equity interest in RUSAL managed by Millhouse Capital 32 Business growth RUSAL went on to become the largest aluminum producer in the world until the China Hongqiao Group surpassed it in 2015 In 2010 under Deripaska s leadership Rusal became the first Russian company to be listed on the Hong Kong Stock Exchange 23 Beyond metals which remain at the core of his diversified industrial holding Deripaska has acquired stakes in a wide range of companies in various sectors including energy manufacturing commercial vehicles auto components financial and insurance services 33 leasing businesses construction 34 aviation and agriculture Among his assets are a Siberian power company EuroSibEnergo ru 35 that is Russia s biggest private energy company he ownes 10 of Ingosstrakh one of Russia s largest insurance companies GAZ Group a producer of cars trucks and buses founder of agricultural business Kuban Agro Holding 36 37 He established a transport company to run airports in the Krasnodar region including Sochi and Krasnodar vague 38 All these assets form part of the diversified investment and industrial group Basic Element 39 Basic Element built several Olympic facilities for 2014 Winter Olympics in Sochi including the Coastal Olympic Village Imeretisnkiy sea port Doubler of Kurortny Avenue in Sochi renovation of the Sochi International Airport The total investments account for over 1 4 billion 40 CareerDeripaska was named businessman of the year in 1999 2006 and 2007 by Vedomosti a Russian business daily During the world financial crisis Deripaska tempor had to sell his 25 stake in Austrian construction company Strabag but bought them back in 2010 In return Strabag obtained a 26 stake in Transstroy Troubles with US travel In July 2006 whilst Deripaska was involved in a bid to buy the Daimler Chrysler Group it was reported that the United States canceled his entry visa the unnamed official declined to give a reason for the revoking of the visa citation needed The Wall Street Journal reported that it could have been because Deripaska has been accused of having links to organized crime in Russia and cited as their sources two unnamed U S law enforcement officials 41 The New York Times reported on 27 August 2018 that the visa had been revoked on concerns Deripaska might attempt to launder money through real estate transactions 42 Deripaska had received a multiple entry visa in 2005 a U S Federal Bureau of Investigation spokesman refused to comment Lobbying on his behalf had been done by former Senate Republican leader and 1996 presidential candidate Bob Dole and his law firm Alston amp Bird Senate records show Alston amp Bird was paid about US 260 000 in 2005 for work on Department of State visa policies and procedures tied to Deripaska 41 In 2009 Deripaska was again allowed entry and visited the United States twice The Wall Street Journal reported that according to two unnamed FBI administration officials Deripaska met with agents regarding a continuing criminal probe the details of which were not known or reported During Deripaska s visits he met with leading management figures from investment banks Goldman Sachs and Morgan Stanley The aluminum company that Deripaska headed United Company RUSAL was in preparations for an initial public offering The easing of Deripaska s visa issues which were an issue for possible investors helped to reassure bankers The State Department has never said why it revoked his visa and refused to comment on his 2009 visits The visits were arranged outside of the usual process as the U S continues to have concerns about Deripaska s business associations Deripaska has repeatedly denied a connection to any organized crime and said business rivals have caused the visa to be revoked by smearing him When interviewed by the BBC in July 2009 Deripaska said that the authorities in the United States had been attempting to blackmail him by revoking his visa and thus affecting possible investors in a negative way and thereby hoping to push Deripaska into cooperating with them 43 NBC News reported in October 2021 that Russia had recently given Deripaska diplomatic status allowing him to enter the U S with immunity 44 Lawsuit against Morgan Stanley In 2015 Deripaska filed a lawsuit against Morgan Stanley accusing the bank of using insider information to short sell Deripaska s 1 5 billion investment in shares of Canadian based Magna International in 2008 45 In May 2007 Magna International chairman Frank Stronach announced that Deripaska was becoming a strategic partner in Magna 46 In 2007 Deripaska s Veleron investment vehicle acquired stock in Magna through a 1 2 billion loan from BNP Paribas with Magna shares serving as collateral citation needed Morgan Stanley was involved in the deal through a swap agreement with BNP Paribas where the US bank assumed the risks of the loan in return for a fixed payment from Paribas 47 In September 2008 Magna s stocks plummeted hit by the global economic downturn BNP issued a 93 million margin call to Veleron Morgan Stanley in turn learned that Veleron was unlikely to meet the call and sold the stock short 48 Deripaska claimed that Morgan Stanley abused its duties and engaged in unlawful insider trading that resulted in significant financial damage to Veleron estimated at 15 million to 25 million 47 The New York jury determined in November 2015 that Morgan Stanley had acquired inside information and traded on it despite a duty to keep it confidential and not trade on it finding as well that Morgan Stanley did not have the intent to defraud Veleron Veleron strongly disagreed with and said it would file an appeal 48 when Basic Element Deripaska is the founder of Basic Element a diversified investment group established in 1997 which has been managing investments in the following sectors energy metals and mining machinery financial services agriculture construction and aviation The major investments under Basic Element management included stakes in United Company RUSAL 49 the world s largest aluminum and alumina producer GAZ Group an automotive company Aviakor aircraft manufacturer EuroSibEnergo EvroSibEnergo an energy supply company 35 Glavmosstroy Glavmosstroj a construction company 50 Kuban Agroholding an agricultural company 36 and Basel Aero an aviation business comprising the three largest airports in the Krasnodar territory and a joint venture with Changi Airports International 38 Basic Element has been managing Deripaska s investments into companies in Russia the CIS countries Africa Australia Asia Europe and Latin America which employ as many as 250 000 people 39 Strikeforce Mining and Resources SMR is also controlled by Basic Element 51 En Group Main article En Group The group was formed in 2006 with Deripaska as president and controlling shareholder 52 The En Group is a diversified mining metals and energy group It owns a majority stake in UC Rusal 48 13 53 and in EuroSibEnergo citation needed In 2017 it reported adjusted core earnings of 2 3 billion on revenues totaling 9 8 billion 54 In November 2017 En was listed on the London Stock Exchange raising 1 5 billion 12 55 Metals and mining RUSAL Main article Rusal United Company RUSAL is the world s second largest aluminum company It was the largest until it was overtaken by China Hongqiao Group in 2015 In 2019 Rusal was overtaken by China s Chalco as the second biggest listed producer of aluminum 56 As of 2018 UC RUSAL accounts for 5 8 of the world s primary aluminum output and 6 2 of the world s alumina production 57 In order to ensure a stable supply of alumina to its smelters several mergers and acquisitions were accomplished by RUSAL under Deripaska At the beginning of the 2000s RUSAL acquired bauxite mines in Guinea a country with the world s largest bauxite reserves Subsequently RUSAL acquired a stake in an alumina refinery in Australia At Deripaska s behest in 2007 RUSAL SUAL Group one of the world s top 10 aluminum producers and Glencore International AG the Swiss natural resources group merged their assets to form United Company RUSAL the world s largest aluminum and alumina producer 58 After the merger with Glencore bauxite and alumina assets in Jamaica Italy and Ireland were added to RUSAL s portfolio These transactions converted RUSAL from a company with few supplies of the raw material bauxite into a vertically integrated corporation 59 In parallel Deripaska invested significantly in the operational improvement of smelters inside Russia He said We consolidated the industry and located bauxites that do not exist in Russia We established the company that became the leader of industry in less than twelve years But to become the number one aluminum producer in the world we had to improve our operations practice To apply the best practices in the world we looked at Toyota which had utilized a precise deep and well thought through process for almost thirty years of operations 60 Deripaska himself has been an active supporter of Japanese production efficiencies made popular by the Toyota Way RUSAL smelters have adopted the concept of kaizen which means continuous improvement and involves training workers in standardized production techniques It s important to change both the company s mind set and reporting lines Deripaska said Instead of top down management you should understand everything is in the hands of your operator and empower that operator to drive efficiencies and improvements directly on the factory floor 21 Under Deripaska s leadership RUSAL constructed and commissioned Khakas aluminum smelter outside of Sayanogorsk in Russian Siberia The Khakas facility was the first aluminum smelter built in post Soviet Russia since 1985 The smelter with an annual capacity of 300 000 tonnes is currently one of the most technologically advanced in the world 61 The company also undertook large scale modernization projects at a number of its facilities including the Bratsk Krasnoyarsk and Irkutsk aluminum smelters 62 In the middle of the financial crisis Deripaska returned in 2009 to RUSAL as CEO to lead the company through the debt restructuring process I worked 16 hour days We were in default although none of the parties involved wanted to call it default As part of contingency measures Deripaska cut costs at RUSAL by 25 in 2009 By December 2009 Deripaska reached a final agreement with over 70 Russian and international lenders to refinance US 17 billion of debt 21 In 2017 Rusal issued two Eurobonds to finance its debts The first one worth 600 million was issued in February 63 followed by the second one in April worth 500 million 64 Also in February plans were announced to sell 10 billion yuan worth of seven year onshore bonds to finance purchases in China This made Rusal the first foreign company to offer panda bonds on the Shanghai Stock Exchange 65 The company also agreed on a pre export finance mechanism with international lenders worth 1 7 billion for debt refinancing 66 In 2013 Deripaska was awarded the Aluminium Industry Ambassador Award in the Metal Bulletin Awards for Excellence for his great influence within the global aluminium industry and the wider market 67 Deripaska stepped down from RUSAL in May 2018 the day after seven board members and the chief executive resigned The move was part of a deal with the US Treasury to get U S sanctions removed from the company 68 As part of that deal in February 2019 it was announced that Deripaska had reduced his ownership stake in EN to below 50 in order to obtain sanctions relief 69 Cherney lawsuit Michael Cherney brought legal action against Deripaska in the Commercial Court of the High Court in London 70 Cherney sought a declaration that he was the beneficial owner of 20 of RUSAL stock which he claimed Deripaska held in trust for him The claim was denied On 3 May 2007 Justice Langley ruled that Deripaska had not been properly served and that the court had no jurisdiction to try the claim as Deripaska did not live in England or Wales 71 On 3 July 2008 Justice Christopher Clarke ruled that the case should be tried in England although the natural forum for this litigation is Russia because he held risks inherent in a trial in Russia are sufficient to make England the forum in which the case can most suitably be tried in the interest of both parties and the ends of justice 72 On 22 July 2008 he granted Deripaska the right to appeal The Court of Appeal of England and Wales rejected the appeal on 31 July 2009 73 At a June 2011 case management conference the judge deferred a decision on whether Cherney would be allowed to give evidence by video link from Israel rather than appear in person An outstanding arrest warrant issued by Interpol meant that the British would detain him if he travelled to the UK 74 75 In late July 2011 the High Court ruled to allow Cherney to give evidence at the trial by video link from Israel and also set trial for April 2012 76 Deripaska denied that Cherney was owed any stake in RUSAL and asserted payments made to Cherney had been for unavoidable protection at a time when violence was sweeping the region and posed an existential threat to any profitable business in the country In an interview with The Telegraph Deripaska said he was one of the few who worked to clean up Russian industry and provided support to law enforcement agencies However in this early chaotic period paying protection money to criminal gangs was inescapable as revealed in court testimony 77 In September 2012 Cherney terminated his UK lawsuit against Deripaska 78 Energy EuroSibEnergo EuroSibEnergo controls and manages 18 power plants with a combined installed energy capacity of 19 5 GW including 15 GW provided by hydrogeneration The company produces approximately 9 of all electricity in Russia and is also the leader in the Siberian energy market with a market share totaling 41 Some of EuroSibEnergo s key clients include the largest aluminum plants in Russia The company owns large fuel resources which satisfy over 85 of the coal needs of its thermal power and boiler plants Its coal reserves amount to 1 26 billion tons with annual coal production exceeding 12 million tons 79 En Group of which EuroSibEnergo is a subsidiary is investing in a joint venture with China s largest hydroelectric power generation company China Yangtze Power Co to build new power plants in Siberia primarily hydroelectric ones with a total capacity of up to 10 GWt 80 Machinery Russian Machines Russian Machines corporation was established in 2005 and unites Deripaska s machine building assets It comprises industrial and engineering assets in the following industries automotive OEM GAZ Group automotive components RM Systems rail industry RM Rail aircraft OEM Aviacor road construction RM Terex and agricultural machinery AGCO RM 81 Russian Machines Corporation manages 24 facilities located across 12 regions in Russia 81 In September 2017 Deripaska entered into a joint venture through his Russian Machines Russian Russkie mashiny with AGCO called AGCO RM SPIC project Russian proekta SPIKa AGKO RM 82 83 GAZ Group In 2000 Deripaska started acquiring machine building assets His first acquisition was Nizhny Novgorod based Gorkovsky Automobile Plant GAZ which was previously a government run company In 2005 GAZ Group was established by combining Deripaska s machine building assets 84 The Russian automotive conglomerate GAZ Group comprises 18 manufacturing facilities in eight regions of Russia as well as sales and service organizations GAZ Group produces light and medium commercial vehicles heavy trucks buses cars road construction equipment power units and automotive components 81 In March 2019 GAZ Group asked the Russian government for 468 million in support claiming that US sanctions placed on Deripaska could cut production by almost 40 in the second half of that year 85 Airports Basel Aero a joint venture between Changi Airports International Basic Element and Sberbank of Russia is a company operator the Sochi Krasnodar and Anapa airports 86 These airports handle more than 7 of the total passenger flow in Russia 87 Sochi International Airport was the main gateway to Sochi 2014 Winter Olympics and successfully serviced the guests and participants of the Games 86 In October 2014 Sochi was granted open skies status meaning that any foreign carrier may pick up and drop off passengers and cargo with no restrictions on aircraft type frequency and regardless of interstate agreements 88 Financial services Deripaska personally holds 10 of Ingosstrakh s ordinary shares The company is a leading insurer of complex risks such as insurance for ship owners ship hull insurance insurance against aviation and space related risks and insurance of transportation companies Ingosstrakh has 83 branches in Russia and the company s offices operate in 220 Russian towns and cities 89 Agribusiness In 2011 Deripaska established Kuban Agroholding a 75 000 hectare agribusiness in the Krasnodar region 90 The company integrates two dairy farms a 16 000 pig capacity breeding complex three elevators with non recurrent grain storage capacity of more than 270 000 tonnes three grain processing plants a sugar factory and the Sunrise horse breeding farm specializing in the breeding of English thoroughbred horses It is one of the top 20 largest agribusinesses and top 5 most efficient land users in Russia 91 Kuban Agroholding is one of the few agrocompanies in Russia involved in embryo transfer technology that allows for the reproduction of high yielding milk cows using less productive surrogates 92 The company has gained significant media attention for its corn seeding program deploying several dozen corn brands selected by its genetic specialists 92 According to Forbes in June 2019 Deripaska s Kuban land bank was the fourteenth largest in Russia 93 Other roles In 2004 Deripaska was appointed by the President of Russia to represent the country in the Asia Pacific Economic Cooperation Business Advisory Council ABAC He has been Chairman of ABAC Russia since 2007 Deripaska is the vice president of the Russian Union of Industrialists and Entrepreneurs chairman of the executive board of the Russian national committee of the International Chamber of Commerce and a member of the Competitiveness and Entrepreneurship Council an agency of the Russian government 94 He has been a permanent participant at World Economic Forum sessions since 2007 when RUSAL became a WEF strategic partner 95 Charitable and other activitiesDeripaska sits on the board of trustees of the Bolshoi Theatre and has financed ballet performances like Flames of Paris La Sylphide and Paquita as well as operas like The Legend of the Invisible City of Kitezh and the Maiden Fevroniya Carmen and Wozzeck 96 In 2020 during the pandemic he donated money to construct hospitals in Siberia 97 Volnoe Delo In 1998 Deripaska established a charitable foundation in Russia Volnoe Delo 98 99 100 The fund supports initiatives in Russia aimed at developing education and science preserving spiritual and cultural heritage and improving standards in public health 100 101 102 Since 1998 Deripaska claims to have invested in more than 500 charity programs in 50 regions of Russia 103 additional citation s needed Volnoe Delo has supported research activities in the 2 550 year old city of Phanagoria since 2004 More than 10 million has been allocated to Phanagoria fieldwork over the past 14 years 104 Today Phanagoria is one of the best equipped archeological sites in Russia and has a scientific and cultural center equipment and technology for above ground and underwater excavation as well as a team of specialists involved in the excavation process 105 In 2014 Volnoe Delo foundation launched a programme for students early career guidance and professional training JuniorSkills 106 The first pilot championship on professional skills JuniorSkills Hi Tech was held in the Urals city of Yekaterinburg in 2014 part of the nationwide championship on cross industry blue collar professions in high tech WorldSkills In 2020 during the pandemic of COVID 19 it bought new ambulances and sent them to twelve Russian towns in Siberia and the Urals 97 Other Deripaska is also a member of the International Council at Harvard University s Belfer Center for Science and International Affairs 107 During the West African Ebola virus epidemic Deripaska personally initiated construction of the Centre for Epidemic and Microbiological Research and Treatment in the Guinean Kindia province The centre was designed and constructed by RUSAL specialists with the assistance of Rospotrebnadzor scientists RUSAL has invested 10 million 108 He sits on the board of trustees of the School of Business Administration the School of Public Administration and the School of Economics at Moscow State University as well as the School of Business Administration at St Petersburg State University Deripaska is a co founder of the National Science Support Foundation and the National Medicine Fund In 1999 he was awarded the Order of Friendship a state award of the Russian Federation In February 2014 Deripaska financed the construction of makeshift kennels to house stray dogs that had been abandoned by construction workers after completing work on the Sochi Olympic Village 109 In October 2015 Deripaska called for governments not to agree to the Paris climate accords arguing that countries like India and China needed to contribute more to avoid competition problems 110 As part of a public relations campaign he said in April 2021 that Rosstat Federal State Statistics Service data showing that there are 17 8 million poor people living below the country s subsistence minimum was wrong and that the correct number was about 80 million 111 InvestigationsSpanish investigation Deripaska and Iskander Makhmudov head of UGMK were asked by Spanish police to answer questions in relation to a money laundering enquiry 112 While Deripaska had been interrogated previously as a witness in Spain and England and by the FBI about money laundering he was never charged with any crimes 113 On 25 January 2010 the Financial Times published a story titled Rusal A lingering heat exploring Deripaska s business relations with Sergei Popov and Anton Malevsky alleged heads of Russian organized crime groups 114 Deripaska has accused Michael Chernoy of using Malevsky and the Izmailovskaya syndicate to extort US 250 million from him as part of a protection racket 115 However Deripaska has himself been accused of having similar links to Malevsky who with his brother Andrei owned a 10 stake in Deripaska s company Deripaska denies the claims 116 In November 2011 Spain s High Court sent the criminal cases against Deripaska to the Russian General Prosecutor s office because the root of the cases is Russian 117 Political relationships Vladimir Putin and Deripaska 19 March 2002 Vladimir Putin Deripaska is known for his close ties with Russian president Vladimir Putin Their relationship became visibly strained amidst Deripaska s financial struggles in 2009 In an incident broadcast on Russian television Putin visited a stalled cement factory owned by Deripaska and berated its management He forced Deripaska to sign a contract promising to pay nearly 1 million in unpaid wages 22 118 Their relationship recovered however and Deripaska has been described as Putin s favorite industrialist 119 Leaked U S diplomatic cables from 2006 described Deripaska as among the 2 3 oligarchs Putin turns to on a regular basis and a more or less permanent fixture on Putin s trips abroad 120 In an 2011 interview with The Globe and Mail Kinross Gold CEO Tye Burt who knows Deripaska said I believe Russia recognizes Oleg s major role in building a renewed economic base in a broad range of domestic businesses and rejuvenating ailing companies and infrastructure 22 Comments on Putin s invasion of Ukraine On 27 February 2022 the third day of the Russian invasion of Ukraine Deripaska posted on Telegram Peace is very important Negotiations need to start as soon as possible The following day he addressed the economic situation posed by Western sanctions in a series of posts 121 I really want clarifications and intelligible comments on the economic policy for the next three months Deripaska said adding that the Russian central bank s decision to dramatically hike interest rates and force companies to sell foreign currency are the first test of who will actually be paying for this banquet 121 It is necessary to change the economic policy we need to put an end to all this state capitalism he added Referring to Moscow s earlier annexation of Ukraine s Crimea peninsula and the subsequent introduction of Western sanctions he warned that unlike 2014 it will not be possible to sit this out now 122 In February 2022 Deripaska said that the war in Ukraine would bring 200 years of damnation to Russia 123 On 28 June in a press conference held for that purpose at a Moscow university Deripaska said repeatedly it would be a colossal mistake and a colossal error for Russia to destroy Ukraine with its military offensive and termed as war a word that is effectively banned in Russia in the context of the invasion of Ukraine 124 123 He thinks the war on Ukraine is completely mad and said that the sanctions are of course more harmful for the Russian economy than the West The debt markets are closed the capital markets are closed foreign owners are expropriated it is a major upheaval 123 On 20 December 2022 the Financial Times published an article saying a Russian court had ordered the seizure of a luxury hotel complex in Sochi worth 1 billion owned by Oleg Deripaska According to several cited sources the seizure of assets was triggered by Deripaska s criticism of the war 125 Nathaniel Rothschild and Peter Mandelson Deripaska is a friend of Nathaniel Rothschild a major investor in both Glencore and United Company RUSAL Together Deripaska and Rothschild hosted George Osborne and Peter Mandelson on Deripaska s yacht in Corfu in the summer of 2008 126 Osborne was then Shadow Chancellor of the Exchequer of the United Kingdom and a friend of Rothschild from school and university Peter Mandelson has reportedly maintained private contacts over several years with Deripaska 127 News of the contacts sparked criticism because as European Union Trade Commissioner Mandelson had been responsible for decision to cut aluminium tariffs from 6 to 3 a decision that had benefited Deripaska s Company RusAl 128 Mandelson insisted that he had never discussed aluminium tariffs with Deripaska 129 On 26 October 2008 the Shadow Foreign Secretary William Hague claimed the whole country wanted transparency about Mandelson s previous meetings with Deripaska In response Prime Minister Gordon Brown said Mandelson s dealings with Deripaska had been found to be above board 130 Mandelson said that meeting business figures from across the range in emerging economies was part of his brief as EU Trade Commissioner 131 On 29 October 2008 while Mandelson was on a ministerial visit to Moscow 132 it was alleged in the British press that Valery Pechenkin the head of security at Deripaska s company Basic Element organised a swift entry visa for Mandelson when he came to Moscow to visit Deripaska in 2005 133 Paul Manafort On 22 March 2017 the Associated Press published a report alleging that Paul Manafort Donald Trump s former presidential campaign manager negotiated a 10 million annual contract with Deripaska to promote Russian interests in politics business and media coverage in Europe and the United States starting in 2005 134 Both Deripaska and Manafort confirmed working together in the past 135 but rejected the contents of the AP story Manafort argued that his work had been inaccurately presented and that there was nothing inappropriate or nefarious about it 136 137 Responding to the allegations on 28 March 2017 Deripaska published open letters in the print editions of The Washington Post and The Wall Street Journal in which he denied having signed a 10 million contract with Manafort in order to benefit the Putin government 138 He also stated willingness to testify before the United States Congress about these allegations 139 and argued that the accusations were part of the negative context of current US Russian relations 140 Congressional sources cited by The New York Times said lawmakers declined Deripaska s request clarification needed after he had asked for immunity from criminal prosecution Unnamed officials argued that immunity agreements create complications for federal criminal investigators 141 On 15 May 2017 Deripaska filed a defamation and libel lawsuit against the Associated Press in U S District Court in D C arguing that 142 the report falsely claimed that Deripaska had signed a contract with Manafort to advance the goals of the Russian government 143 The lawsuit was dismissed in October 2017 on the grounds that Deripaska had not disputed any material facts in the story by the Associated Press 144 While Manafort served within the 2016 U S presidential campaign it is alleged that Manafort via Kyiv based operative Konstantin Kilimnik offered to provide briefings on political developments to Deripaska 145 146 Behaviors such as these were seen by writers at The Atlantic as an attempt by Manafort to please an oligarch tied to Putin s government 147 Navalny video In February 2018 Alexei Navalny published a video about a meeting between Deripaska and Deputy Prime Minister of Russia Sergei Eduardovich Prikhodko on a yacht traveling near Norway According to Navalny Deripaska probably served as a middle man between the Russian government represented by Prikhodko and Paul Manafort during Russian interference in the 2016 United States elections 144 Prikhodko denied the allegations accusing Navalny of mixing the facts about his friend Deripaska Donald Trump and Paul Manafort while also voicing his wish to have talk with Navalny as a man with a man 148 149 150 A day after the video was published the Roskomnadzor added the video to the Federal List of Extremist Materials thus making accessing the video illegal for all Russian citizens 151 It also ordered YouTube to remove seven videos and Instagram to take down 14 points that were cited in the investigation neither YouTube nor Instagram had responded as of 12 February 2018 According to a Roskomnadzor representative who spoke to Vedomosti a court injunction of this sort against content hosted on Instagram and YouTube is unprecedented for Russia The New York Times noted that this may presage a more aggressive approach by the Russian government to control online activities 152 Vashukevich recordings In March 2018 fearing her own death while incarcerated in Bangkok Anastasia Vashukevich a Belarusian escort who claimed to have an intimate history with Deripaska claimed to have over 16 hours of audio recordings she said could shed light on possible Russian interference in American elections She offered the recordings to American authorities in exchange for asylum but was deported and arrested in a Russian airport Vashukevich said the recordings from August 2016 include Deripaska discussing the United States presidential election with three English speakers who Vashukevich believed were American Deripaska had a plan about elections Vashukevich said In court Vashukevich apologized to Deripaska and said Russian agents visited her in jail to urge her to cease public statements about him The New York Times argued that her claims might be easily dismissed were it not for the Navalny video 153 Deripaska denies an intimate history with Vashukevich SanctionsAustralian sanctions On 18 March 2022 Australia added Deripaska to its sanctions list 154 European Union sanctions On 8 April 2022 the EU added Deripaska to its sanctions list freezing his assets and imposing a travel ban in all member states 155 On 30 November 2022 Deripaska filed an appeal against the EU s decision to sanction him 156 Ukraine is claiming that assets belonging to Deripaska have been moved into the name of Siegfried Wolf an Austrian citizen who is paid by Deripaska to avoid sanctions 157 UK sanctions Following the 2022 Russian invasion of Ukraine Deripaska was sanctioned by the British government which involved freezing his assets and a travel ban 158 159 Deripaska linked UK company Terra Services Ltd was raided in December 2018 160 U S sanctions See also Countering America s Adversaries Through Sanctions Act In April 2018 the United States imposed sanctions on Deripaska and 23 other Russian tycoons and officials 161 162 The statement of the United States Department of the Treasury said that Deripaska ha d been accused of threatening the lives of business rivals illegally wiretapping a government official and taking part in extortion and racketeering 163 In May 2018 it was reporteted that Deripaska had to return three private jets owned by Credit Suisse and Raiffeisen 164 In October 2018 the U S Treasury announced that it had extended until 12 December a deadline for the full imposition of sanctions against Rusal and its parent company En Group pending the review of the proposals presented by En Group to the U S government that would see Deripaska reduce his stake in En to below 45 per cent from around 70 per cent 165 In January 2019 the U S Treasury lifted the sanctions on companies formerly controlled by Deripaska Sanctions on Deripaska himself remained in effect 166 In April 2019 the U S Treasury Department nonetheless allowed Deripaska to transfer 10 5 million shares of his holding company En Group to a trust fund for his children as part of a divorce settlement with his ex wife Polina Yumasheva which had been finalized before the sanctions were put in place 167 The deal to have U S sanctions removed from En Group was brokered by Greg Barker a UK legislator who in February 2019 went on to be appointed chairman of En Group 168 169 In March 2019 Deripaska sued the United States alleging that it had overstepped its legal bounds in imposing sanctions on him and made him the latest victim in the FBI probe into Russia s interference in U S elections 170 U S District Court Judge Amit Mehta dismissed the suit in June 2021 ruling it lacked merit 171 On 3 October 2022 the US Supreme Court rejected the oligarch s appeal 172 On 29 September 2022 the United States Attorney for the Southern District of New York accused Deripaska of sanctions evasion According to the prosecutor s office Deripaska through Gracetown Inc illegally used the U S financial system to service real estate objects owned by him In this he was assisted by two women Olga Shriki who operated in the United States and Natalia Bardakova who directed Shriki from Russia They are also charged with violating U S sanctions Chriqui was arrested on 29 September All three are charged with one count of conspiring to violate and evade U S sanctions in violation of the International Emergency Economic Powers Act which carries a maximum sentence of 20 years in prison the statement says 173 Edward Bonham Carter has been charged with helping Deripaska evade sanctions 174 In January 2023 Charles McGonigal a former head of counterintelligence in the FBI New York City field office was charged with conspiring with co defendant Sergey Shestakov a former Soviet and Russian diplomat who is a U S citizen to provide services to Deripaska in 2021 in violation of U S sanctions imposed on Deripaska in 2018 They allegedly did so by investigating a rival Russian oligarch in return for concealed payments from Deripaska using shell companies in the contract that outlined the services to be performed using a forged signature on that contract and using the same shell companies to send and receive payment from Deripaska 175 176 Personal lifeDeripaska was married to Polina Yumasheva the daughter of Boris Yeltsin s top adviser Valentin Yumashev and stepdaughter of Yeltsin s daughter Tatyana 177 While Yeltsin was president Deripaska s close ties put him in Yeltsin s inner circle dubbed The Family 178 Deripaska and Yumasheva were married from 2001 to 2018 179 180 181 The Deripaskas have two children a son Pyotr born 2001 and daughter Maria born 2003 182 Deripaska practices yoga swimming horseback riding and hiking At his home near Moscow he has seven horses and six dogs 21 In March 2018 it was reported that Deripaska had successfully purchased Cypriot citizenship in 2017 under that country s golden visa which generates billions clarification needed in revenue for the island nation According to documents seen by The Guardian Deripaska s first attempt to become a citizen of a country in the EU was unsuccessful because of a preliminary inquiry into his activities in Belgium The inquiry was dismissed in 2016 1 In 2009 Deripaska s ranking fell to No 164 with Forbes stating H e may not withstand collapsing markets and heavy debts 183 In 2010 however his estimated US10 7 billion fortune allowed him to rise to No 57 of the World s Billionaires list 184 According to Forbes magazine he removed the heads of his two largest companies and personally negotiated with the Russian government banks and other creditors to restructure his loan obligations 185 Deripaska himself in 2007 was reported to have consistently said that the estimate of his wealth was exaggerated that it did not completely account for the amount of debt he incurred and that he should be ranked far below the top ten on the list of the Russian billionaires 186 Forbes estimated his fortune at US3 3 billion in 2015 187 5 2 billion in 2017 188 and 3 3 billion in 2019 188 In June 2022 Forbes estimated his net worth to be US3 2 billion 12 Deripaska s Cypriot registered company Edenfield Investments acquired the Grade II listed Hamstone House in the St George s Hill district of Weybridge Surrey in 2001 189 Since 2006 Deripaska has owned the Haft mansion near Embassy Row in Washington D C through a company incorporated in Delaware 190 He owns a mansion in Belgravia 191 192 See also Russia portalList of Russian billionaires Mueller report Russian oligarchs Timeline of Russian interference in the 2016 United States elections 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David 21 October 2008 Lord Mandelson and Oleg Deripaska dined together a year before they met The Times UK Retrieved 23 October 2008 UK Conservatives Linked to Deripaska The Moscow Times 22 October 2008 Archived from the original on 26 November 2008 Retrieved 23 October 2008 Robertson David Charter David 13 October 2008 Peter Mandelson dogged by his links to Russian oligarch The Times UK Retrieved 23 October 2008 Tories seek Mandelson clarity BBC News 26 October 2008 Retrieved 30 October 2008 Parfitt Tom 28 October 2008 Mandelson silent on Deripaska The Guardian UK Retrieved 30 October 2008 Parfitt Tom 29 October 2008 Mandelson hails thaw in relations with Moscow The Guardian UK Retrieved 30 October 2008 Veteran KGB spy revealed as Deripaska s right hand man London Evening Standard 29 October 2008 Archived from the original on 1 November 2008 Retrieved 30 October 2008 HORWITZ and DAY 22 March 2017 Trump campaign chief linked to Putin interests Associated Press Archived from the original on 2 April 2017 Retrieved 22 March 2017 What We Know About Paul Manafort s Links to Oleg Deripaska and the Kremlin Retrieved 5 April 2017 Hensch Mark 28 March 2017 Russian billionaire denies aiding Putin with Manafort TheHill Retrieved 2 June 2017 Is Oleg Deripaska the missing link in the Trump Russia investigation TheGuardian com 29 January 2019 Russian Manafort client Willing to speak to Congress Washington Post Archived from the original on 28 March 2017 Retrieved 5 April 2017 Russian Manafort client Willing to speak to Congress Washington Post Archived from the original on 28 March 2017 Retrieved 5 April 2017 Russian billionaire with ties to Trump s ex campaign manager says he is willing to testify before Congress The Independent 29 March 2017 Retrieved 5 April 2017 Russian billionaire with ties to Trump s ex campaign manager says he is willing to testify before Congress The Independent 29 March 2017 Retrieved 4 April 2017 Meier Barry Drucker Jesse 26 May 2017 Russian Once Tied to Trump Aide Seeks Immunity to Cooperate With Congress The New York Times ISSN 0362 4331 Retrieved 2 June 2017 Oleg V Deripaska v The Associated Press United States District Court for the District of Columbia 15 May 2017 Retrieved 27 May 2017 Russian Magnate Sues AP Over Story on Trump Campaign Ties Fortune Retrieved 22 May 2017 Russian oligarch Deripaska sues AP for libel Politico Retrieved 22 May 2017 a b Schreck Carl 9 February 2018 Sex Lies And Instagram Russia s Rybkagate Rolls On Radio Free Europe Radio Liberty Retrieved 5 March 2018 Hamburger Tom Helderman Rosalind S Leonnig Carol D Entous Adam 20 September 2017 Manafort offered to give Russian billionaire private briefings on 2016 campaign The Washington Post Archived from the original on 21 September 2017 Dawsey Josh 20 September 2017 Manafort used Trump campaign account to email Ukrainian operative Politico Archived from the original on 21 September 2017 Julia Ioffe and Franklin Foer 2 October 2017 Did Manafort Use Trump to Curry Favor With a Putin Ally Emails turned over to investigators detail the former campaign chair s efforts to please an oligarch tied to the Kremlin The Atlantic Retrieved 3 October 2017 Vice premer Prihodko zayavil o zhelanii otvetit Navalnomu po muzhski RBK Retrieved 10 February 2018 Roskomnadzor potreboval ot Mediazony i Radio Svoboda udalit fotografii iz novosti pro Deripasku Prihodko i Rybku Meduza in Russian Retrieved 10 February 2018 Vice premer Prihodko hochet otvetit Navalnomu po muzhski Retrieved 10 February 2018 Sud vklyuchil v reestr zapreshennoj informacii film FBK o Deripaske i Prihodko Interfax ru in Russian 10 February 2018 Retrieved 10 February 2018 Luxmoore Matthew 12 February 2018 Russia Threatens to Block YouTube and Instagram After Complaints From an Oligarch New York Times Retrieved 13 February 2018 Paddock Richard C 5 March 2018 Escort Says Audio Recordings Show Russian Meddling in U S Election The New York Times Retrieved 5 March 2018 Belot Henry 18 March 2022 Russian oligarchs with business interests in Australia sanctioned amid Ukraine war ABC News Retrieved 26 March 2022 Brussels Shona Murray in 8 April 2022 Rusal shareholder Oleg Deripaska sanctioned by EU Irish Examiner Retrieved 9 April 2022 CURIA Case information curia europa eu Retrieved 17 February 2023 Russian oligarch registers assets in name of Austrian national to avoid sanctions watchdog Retrieved 25 March 2023 Prynn Jonathan 10 March 2022 Oleg Deripaska Billionaire once named Russia s richest man added to sanctions list Evening Standard Retrieved 10 March 2022 CONSOLIDATED LIST OF FINANCIAL SANCTIONS TARGETS IN THE UK PDF Retrieved 16 April 2023 Jonathan Browning 18 October 2019 Oleg Deripaska Linked Firm Was Raided for Undisclosed U S Inquiry bloomberg com Retrieved 20 October 2019 Ukraine Russia related Designations and Identification Update United States Department of the Treasury 6 April 2018 Retrieved 6 April 2018 SShA vveli sankcii protiv semi rossijskih oligarhov i 17 chinovnikov iz kremlevskogo spiska The US imposed sanctions against seven Russian oligarchs and 17 officials from the Kremlin list Meduza in Russian 6 April 2018 Retrieved 6 April 2018 Treasury Designates Russian Oligarchs Officials and Entities in Response to Worldwide Malign Activity United States Department of the Treasury 6 April 2018 Retrieved 11 April 2018 Exclusive Sanctioned Russian tycoon hands back his private jets Reuters 10 May 2018 Retrieved 20 March 2023 US delays start date for sanctions on Deripaska s Rusal Financial Times 12 October 2018 U S lifts sanctions on firms linked to Russia s Deripaska CNBC 27 January 2019 Archived from the original on 1 April 2019 Retrieved 1 February 2019 Kenneth P Vogel Andrew E Kramer 8 April 2019 Sanctions Deal With Russian Oligarch Included Transfer of Shares to Benefit His Children New York Times British Lord Barker Got 4 Million Bonus on Deripaska Sanctions Deal Bloomberg 2 May 2019 Greg Barker leaves Lords to run oligarch Oleg Deripaska s metals empire The Times UK 24 February 2019 Susan Heavey Nathan Layne 15 March 2019 Russian metals tycoon Deripaska sues U S over sanctions U S judge dismisses Russian tycoon Deripaska s lawsuit against U S filing Reuters 14 June 2021 via www reuters com Verhovnyj sud SShA otklonil hodatajstvo Deripaski ob otmene sankcij banki ru in Russian 3 October 2022 Russian Oligarch Oleg Vladimirovich Deripaska And Associates Indicted For Sanctions Evasion And Obstruction Of Justice justice gov 29 September 2022 UK businessman charged with helping Russian oligarch evade sanctions Former Special Agent in Charge of the FBI New York Counterintelligence Division Charged with Violating U S Sanctions on Russia United States Department of Justice January 23 2023 Retrieved January 23 2023 Former Top F B I Official in New York Charged With Aiding Oligarch New York Times Benjamin Weiser and William K Rashbaum January 23 2023 Retrieved January 23 2023 Godzimirski Jakub M 18 July 2017 The Political Economy of Russian Aluminium Between the Dual State and Global Markets Springer ISBN 978 3 319 57234 5 Kramer Andrew E 20 August 2006 Out of Siberia a Russian Way to Wealth The New York Times ISSN 0362 4331 Retrieved 2 June 2017 Osborn Andrew Boris Yeltsin s daughter attacks Vladimir Putin Telegraph co uk Retrieved 2 June 2017 Oleg Deripaska Putin favourite with strong ties to Britain the Guardian 10 March 2022 Retrieved 6 April 2022 Vogel Kenneth P Kramer Andrew E 8 April 2019 Sanctions Deal With Russian Oligarch Included Transfer of Shares to Benefit His Children The New York Times ISSN 0362 4331 Retrieved 6 April 2022 Zhyony izvestnyh lyudej zarabatyvayut na restoranah i galereyah Rambler novosti in Russian Archived from the original on 15 August 2018 Retrieved 15 August 2018 Blogi Eho rejting Polina Deripaska Echo Moscow in Russian Retrieved 25 May 2017 Prezident Rusal Oleg Deripaska Biografiya RIA Novosti in Russian 18 November 2014 Retrieved 25 May 2017 164 Oleg Deripaska The World s Billionaires 2009 Forbes 11 March 2009 The World s Billionaires 2010 Forbes Forbes 12 February 2010 Retrieved 14 May 2011 Oleg Deripaska Forbes Harding Luke 24 February 2007 How metals and a ruthless streak put Russian patriot at top of the rich list The Guardian UK Retrieved 14 May 2011 Rapoza Forbes Profile Oleg Deripaska Forbes Retrieved 25 June 2021 a b Oleg Deripaska Forbes Retrieved 27 July 2019 Boswell Josh Hollingsworth Mark 20 March 2016 Son of Putin ally has 35m London house The Times p 10 Retrieved 17 March 2019 Rosalind S Helderman Alice Crites 29 November 2017 The Russian billionaire next door Putin ally is tied to one of D C s swankiest mansions Washington Post Retrieved 4 December 2017 Ukraine Squatters occupy Russian oligarch s London mansion BBC Archived from the original on 14 March 2022 Retrieved 14 March 2022 Squatters occupy London mansion owned by Russian oligarch in protest at Ukraine war The Independent Archived from the original on 14 March 2022 Retrieved 14 March 2022 External links Wikimedia Commons has media related to Oleg Deripaska Official website Deripaska s profile and assets on Russian Asset Tracker Retrieved from https en wikipedia org w index php title Oleg Deripaska amp oldid 1152197302, wikipedia, wiki, book, books, library,

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