GAZ Group not to publish quarterly report due to sanctions

MOSCOW, Nov 15 (PRIME) -- Russian carmaker GAZ Group, part of Russian Machines and Basic Element of tycoon Oleg Deripaska, will not publish a quarterly financial report because of the U.S. sanctions imposed on the company, a move allowed by the government, GAZ Group said in a statement late on Wednesday.

On April 6, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies, including tycoon Oleg Deripaska and his companies – multi-industry holding En+ Group, GAZ Group, holding Basic Element, and aluminum giant RUSAL – among others.

The implementation date for En+ Group, RUSAL, and GAZ Group was postponed several times. Initially, the U.S. individuals and companies were to sell shares and debt before May 7 and terminate all existing compacts before June 5. On Monday, the U.S. Treasury Department delayed the deadline for termination of operations with shares and debt of the companies till January 7, 2019.

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