Sanctioned Russian Oligarch Hands Back Private Jets

Russian tycoon Oleg Deripaska has handed back three private jets he was leasing because U.S. sanctions imposed on him last month make it impossible for him to keep using the planes, Reuters reported.

The aircrafts, Gulfstream executive jets, are now on sale, with the asking price set at $29.95 million each.

The return of the aircraft is an indication of how deeply the sanctions have affected Deripaska’s business empire, extending beyond the direct impact on his Rusal aluminum firm whose sales and supply chains have been heavily disrupted.

According to Alireza Ittihadieh, director of Freestream, an aviation sales company that listed the three jets for sale, the jets were owned by lenders Credit Suisse and Raiffeisen and were then leased via a management company to Deripaska-controlled firms.

“Who was using it? Senior management, including Deripaska himself,” Ittihadieh told Reuters in a phone interview.

“Credit Suisse works with international regulators wherever it does business to ensure compliance with sanctions. This includes compliance with the recent sanctions involving Russia,” said a spokesman for Credit Suisse.

A spokeswoman for Raiffeisen said she could not reply to Reuters questions because Thursday was a public holiday in Austria. She also said, “due to the banking secrecy law we cannot comment on potential clients.”

Deripaska was included on a U.S. sanctions blacklist on April 6 because, officials in Washington said, he and other Russian oligarchs had profited from the “malign activities” of the Kremlin around the globe.

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