Russian automaker GAZ works to remove sanctions

Oleg Deripaska’s team, that secured the lifting of U.S. sanctions on the Russian tycoon’s aluminum and energy businesses, is also collaborating to get them removed from his automaker GAZ, five sources close to the talks stated.

On Thursday, the U.S. Treasury increased a deadline for investors to divest from GAZ to March 7 and granted businesses a matching reprieve to wind down operations and contracts associating the firm. The deadline for both had been January 21.

The announcement comes one day following the Treasury’s statement that it would lift sanctions on Deripaska’s core empire, aluminum giant Rusal and its parent En+ , watering down the strongest penalties imposed since Russia’s 2014 annexation of Crimea. The deal is subject to a 30-day review duration.

The U.S. Treasury had imposed sanctions on Deripaska, Rusal, En+, GAZ and other firms in which he owns significant stakes in April, citing “malign activities” by Russia.