WASHINGTON: The U.S. Treasury said on Wednesday it was extending by four months the deadline for investors to divest from Russian automaker GAZ, a company linked to Russian tycoon Oleg Deripaska that Washington sanctioned over Russia's"malign activity."
On Jan. 27, the Treasury lifted sanctions on Deripaska's aluminum and energy businesses Rusal, its parent En+ and EuroSibEnergo after they had agreed to restructure to reduce his stakes. Deripaska had ties with Paul Manafort, President Donald Trump's former campaign manager. Manafort has been a target of Special Counsel Robert Mueller's investigation into Russian meddling in the 2016 election and is due to be sentenced in two separate cases on Thursday and March 13. Russia denies any meddling in the 2016 U.S. election.
GAZ is Russia's largest producer of light commercial vehicles and exports vehicles to more than 25 countries.