Economics
Russian Billionaire's Swiss Empire Rocked by U.S. Sanctions
- Shares in Viktor Vekselberg’s Sulzer, Oerlikon, Schmolz drop
- Businessman is on list of oligarchs targeted by U.S. Treasury
Russian Stocks Take Worst Hit Since 2014 on U.S. Sanctions
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Russian billionaire Viktor Vekselberg’s constellation of Swiss industrial companies got hammered by investors on Monday after the U.S. imposed sanctions on the oligarch and his Renova Group investment vehicle.
Renova owns stakes in three Switzerland-based equipment manufacturers, Sulzer AG, OC Oerlikon Corp. and Schmolz + Bickenbach AG, as well as a holding in United Co. Rusal, the giant aluminum producer owned by Oleg Deripaska, another billionaire hit by the measures. Shares in the companies tumbled even as Vekselberg, 60, took steps to lower his stake in Sulzer to below a majority in a bid to insulate the company.