Report: Volkswagen, GAZ see lifting of US sanctions, resume talks

MOSCOW, Apr 16 (PRIME) -- Germany’s Volkswagen and Russian carmaker GAZ Group have resumed negotiations on expansion of their partnership in car production as the U.S. may soon lift its sanctions from the Russian company, Bloomberg reported on Tuesday quoting sources familiar with the matter.

Bloomberg reported that the companies were discussing a significant Volkswagen’s investment in Russia as it expands presence on emerging markets. The two companies declined to comment.

GAZ, controlled by tycoon Oleg Deripaska, remains under the U.S. sanctions, which prohibits possible cooperation with Volkswagen. In early March, the German company cancelled negotiations over acquisition of a stake in GAZ.

However, the U.S. Treasury Department earlier lifted sanctions from other Deripaska’s assets, like aluminum giant UC RUSAL and multi-industry holding En+ Group, after he had surrendered control over the companies.

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