Russian oligarch sues US Treasury over sanctions

WASHINGTON (AP) — Russian oligarch Oleg Deripaska has filed a lawsuit against the U.S. Treasury Department and wants a federal judge to lift sanctions against him.

Deripaska argues in a lawsuit filed Friday that he was unfairly and illegally targeted by the U.S. government. He was slapped with sanctions last April targeting tycoons with close ties to the Kremlin.

He says that because of the sanctions, he’s suffered from a “wholesale devastation” of his wealth, reputation and economic livelihood.

He says banks are refusing his transactions and businesses fear they could face sanctions for doing business with him.

Deripaska argues in his lawsuit that his net worth has dropped by $7.5 billion because of the sanctions.

In January, the Treasury Department announced it was lifting sanctions on three companies connected to Deripaska.

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