Support The Moscow Times!

Deripaska’s GAZ Requests Loan to Develop Cuba Projects

The van maker is suffering under U.S. sanctions.

GAZ already operates assembly lines in Cuba. agaz.ru

Oleg Deripaska’s U.S. sanctions-hit van maker GAZ is asking the government for a 100 million euro loan to develop its projects in Cuba, the RBC news website reported, citing Deputy Prime Minister Yury Borisov.

GAZ opened assembly lines for its vehicles in Cuba in November 2018.

In April GAZ asked the government for almost 30 billion rubles ($468 million) in support because it claims sanctions could slash production by nearly 40 percent in the second half of the year.

The U.S. lifted sanctions on Deripaska’s main assets — aluminum giant Rusal and its parent En+ — in January after he dropped his stake in them. Deripaska himself remains under sanctions.

The U.S. Treasury has given investors until July to divest from GAZ, meaning Deripaska could lower his stake and allow the company to be removed from the sanctions list.

Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.