Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
Russian tycoon Oleg Deripaska has handed back three private jets he was leasing because U.S. sanctions imposed on him last month make it impossible to keep using the planes, the firm retained by the owners to sell the aircraft said on Thursday.
The aircraft are Gulfstream executive jets, favoured by jet-setting business people for their long range and plush interiors. They are now on sale, with the asking price for two of them set at $29.95 million each.
The return of the aircraft is an indication of how deeply the sanctions have affected Deripaska's business empire, extending beyond the direct impact on his Rusal aluminium firm, whose sales and supply chains have been heavily disrupted.
Alireza Ittihadieh, director of Freestream, an aviation sales company that listed the three jets for sale, said the jets were owned by lenders Credit Suisse and Raiffeisen, and were then leased via a management company to Deripaska-controlled firms.
"Who was using it? Senior management, including Deripaska himself," Ittihadieh told Reuters in a phone interview.
"He's sanctioned, his companies are sanctioned, he has to return the aircraft. He has to early-terminate the leases, under sanctions rules," he said, without specifying which sanctions rules applied in this case.
A representative of Rusal's press service said the firm declined to comment.
A spokesman for Credit Suisse declined to comment on a specific case, but said: "Credit Suisse works with international regulators wherever it does business to ensure compliance with sanctions. This includes compliance with the recent sanctions involving Russia."
A spokeswoman for Raiffeisen said she could not reply to Reuters questions because Thursday was a public holiday in Austria. She also said that "due to the banking secrecy law we cannot comment on potential clients."
Deripaska was included on a U.S. sanctions blacklist on April 6 because, officials in Washington said, he and other Russian oligarchs had profited from the "malign activities" of the Kremlin around the globe.
Anyone included on the list is barred from entering the United States, and U.S. firms and citizens are barred from doing business with individuals or companies that have been blacklisted.
Non-U.S. companies can also be punished by Washington if it deems they have engaged in significant transactions with a sanctioned entity. Banking sources say that has made European banks wary of handling transactions involving Deripaska or any firms connected to him.
According to the Isle of Man civil aircraft register, where the three jets are registered, their owners are offshore companies whose shareholders are not publicly disclosed.
All three are Gulfstream G550 aircraft, which each cost around $50 million when new. They each have the same distinctive grey-and-white livery, according to photographs accompanying the sales listings, and images posted online by amateur plane-spotters.
The G550 jets have a range of 12,500 km (7,770 miles) and can come fitted with options such as a private stateroom and hand-tailored leather seats.
Ittihadieh, the aviation sales executive, said the owners of the aircraft opted to sell once Deripaska and his businesses ended the lease.
"The bank doesn't need the assets," he said. "Banks take assets. Once the lease return takes place, they either sell it or they re-lease it. And in this case they have a five-year old asset and they have chosen to sell them."
The two aircraft for sale at $29.95 million were manufactured in 2012 and carry the tail numbers M-ALAY and M-UGIC. The third aircraft, with the tail number M-SAWO, was manufactured in 2005, and no asking price was listed.
When the sanctions were imposed, the M-UGIC aircraft was in Basel, Switzerland, publicly-available flight tracking data shows. The day after the sanctions on Deripaska, April 7, the jet flew back to Moscow.
The older aircraft, with the tail number M-SAWO, was in Buffalo, New York State, the day the sanctions were imposed, according to data available on two websites that track private jets, Virtual Radar and adsbexchange.com. The following day it flew to New York City and from there on to Russia.
A week later, the aircraft made a tour of cities in Siberia where Deripaska has factories. Sources close to Rusal told Reuters that at the time Deripaska was visiting those factories.
In one past case of sanctions affecting the travel arrangements of a Russian tycoon, oil trader Gennady Timchenko told Russian state news agency Tass that Gulfstream stopped servicing his jet because he was put on a U.S. sanctions blacklist in 2014.