Report: Deripaska in talks on selling stake in Russian Machines

MOSCOW, Jun 4 (PRIME) -- Russian businessman Oleg Deripaska is in talks to sell a part of his stake in Russian Machines, which controls carmaker GAZ Group, to minority investors under a plan to end sanctions on the company, Bloomberg reported on June 2 citing sources familiar with the situation.

Deripaska is in talks with former Magna International chief Siegfried Wolf, the sources told Bloomberg. No decision has been made yet.

“Deripaska hopes the deal would show that he’s willing to give up some ownership in exchange for the U.S. lifting sanctions…The deal would depend on the Treasury’s Office of Foreign Assets Control agreeing to remove sanctions on Russian Machines and GAZ.”

On April 6, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies including Deripaska.

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