How Hedge Funds Lobbied Trump administration to lift sanctions on Russian oligarch

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Deripaska Does Davos. Photo credit: WikiCommons.

I’ve got a story at Yahoo News today detailing how U.S. hedge funds successfully lobbied the Trump administration to lift sanctions against companies controlled by Russian oligarch Oleg Deripaska, who is suspected of having ties to Russian Organized Crime.

Here are the first few grafs:

In a surprise move, the Treasury Department on Dec. 19 informed Congress it would lift sanctions on three companies owned by Oleg Deripaska, a powerful Russian oligarch who controls much of the world’s aluminum output.

It was a stunning reversal of fortune for Deripaska, who has had difficulty entering the United States, reportedly because of his alleged ties to Russian organized crime. Deripaska has denied he has such ties.

While the move to lift sanctions comes amid an investigation of Russian interference in the 2016 presidential election, Western hedge funds and major financial institutions were key advocates in getting the business sanctions lifted, according to three sources with direct knowledge of Deripaska’s businesses — two who previously worked for him and one who worked for a hedge fund where he had close ties.

“Other than his paid help, they [the hedge funds and financial institutions] were his only important advocates,” one of the sources said.

Read the whole story here.

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