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U.S. shortens extension of GAZ Group general licenses over tensions with Russia -Breaking

by Mike Robinson

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WASHINGTON, (Reuters) – The U.S. Treasury Department reduced Monday’s extension of two general licenses to Russia’s GAZ Group. This group is a producer of commercial vehicles and the United States wants to discourage Russia from invading Ukraine.

A Treasury official informed Reuters that the licenses were only being extended for 90 days after they had been extended previously for a full year.

“These authorizations were extended for a shorter time period given the current situation with Russia; further extension will be informed by Russia’s behavior,” the official said.

Russia has positioned tens to thousands of troops close to Ukraine’s borders. Although Russia denies any intention to invade, NATO stated that it was strengthening eastern Europe and putting troops on alert. Moscow called this “hysteria”.

These licenses allow certain transactions involving van makers and the transfer or divestment of equity, debt or other GAZ holdings.

Oleg deripaska (billionaire) and eight other companies in which they are large shareholders were subject to sanctions by the Treasury in 2018. They included Gaz automaker Gaz.

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