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23 Jul, 2020 13:51

'Economic War': Russian tycoon Oleg Deripaska tells Moscow to brace itself for ‘sanctions from hell’ if Biden wins US presidency

'Economic War': Russian tycoon Oleg Deripaska tells Moscow to brace itself for ‘sanctions from hell’ if Biden wins US presidency

We know Russia is the favorite scarecrow of the US Democratic Party. Now billionaire Oleg Deripaska thinks a Joe Biden victory in November’s US election would lead to much tougher sanctions on the country, and Moscow is not ready.

In an interview with Business FM, the aluminum tycoon explained that, in the case of a Democrat victory, Russia should expect a new package of sanctions in the spring of 2021, shortly after 77-year-old Biden’s inauguration. Deripaska explained that they would be so severe that we should “stop and smell the roses” under the current measures.

The proposed new sanctions are named in a draft bill called Defending American Security from Kremlin Aggression Act (DASKA), and target Russian banks as well as oil and gas companies, plus those suspected of being involved in cyberattacks against the US. “This is an economic war,” he said. “Since 2018, when specific sanctions were implemented against the energy sector and against several other companies, we have done nothing,” he complained.

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Washington began to impose sanctions on Moscow following the reabsorption of Crimea, in 2014.  Further measures were also placed on specific Russian citizens and companies. Most American allies followed suit.

As of 2018, Deripaska has personally been under sanctions by the US, accused of money laundering. In March 2019, the billionaire filed a lawsuit against the US Treasury Department at the District Court in Washington, DC, alleging that the measures against him are rooted in “false rumor and innuendo.” He has asked the court to stop the Treasury from using the “devastating power” of sanctions against him.

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