Oleg Deripaska - Relationship With Peter Mandelson

Relationship With Peter Mandelson

Deripaska, who is a friend of Nathaniel Rothschild (a major investor in both United Company RUSAL and Glencore), together with Rothschild, hosted George Osborne, the Chancellor of the Exchequer of the United Kingdom and a friend of Rothschild's from school and university, and Peter Mandelson on Deripaska's yacht in Corfu in the summer of 2008. There was considerable controversy over the relationship between Mandelson and Deripaska after it emerged that Mandelson had spent time on Deripaska’s yacht. Mandelson, then EU Trade Commissioner, had presided over the reduction of EU aluminium tariffs, which benefitted Deripaska and led many to suggest there was a conflict of interest and even that Mandelson had intervened in EU policy on the aluminium tycoon's behalf. Mandelson denied he had done any favours for Deripaska.

In response to the allegations, David O'Sullivan, Director-General for Trade, European Commission, wrote a letter to The Sunday Times in which he stated:

I am very surprised by the allegations in the British press about Peter Mandelson, Oleg Deripaska and aluminium. The claims hint at Mandelson's personal intervention, in his capacity of European commissioner for trade, in favour of the Russian aluminium company Rusal. I would like to clarify that no such intervention took place. One allegation relates to a nine-year debate in the EU over tariffs on raw aluminium. The other relates to anti-dumping duties on Russian aluminium. In both instances, decisions were made after the usual consultation procedures.