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Deripaska says he is ready to give up control of GAZ Group — media

April 17, 4:20 UTC+3

Russian businessman Oleg Deripaska said that if sanctions are not lifted, there is no chance GAZ Group would survive

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Oleg Deripaska

Oleg Deripaska

© Sergei Savostyanov/TASS

MOSCOW, April 17. /TASS/. /TASS/. Russian businessman Oleg Deripaska says he is ready to give up control of the GAZ Group automotive conglomerate like he did with En+ Group, Reuters reported on Tuesday.

When asked if he is ready to give up control of GAZ Group, Deripaska said: "Yes, as it was done in En+."

He added that if sanctions are not lifted, there is no chance GAZ Group would survive. The businessman noted that many suppliers and partners have stopped working with GAZ due to the risks associated with sanctions, and there was also huge pressure on GAZ from its banks.

The US Treasury Department said in March that it was extending a deadline for investors to divest from the GAZ Group by July 6.

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