Reports Paradise Papers said about the relationship of the Minister of Commerce of RF

Reports Paradise Papers said about the relationship of the Minister of Commerce of RF

WASHINGTON, 5 Nov. /TASS/. The Minister of trade United States Wilbur Ross allegedly has business connections with the Russian petrochemical holding “SIBUR”. Such statements are contained in the records of the Paradise Papers, which were distributed on Sunday by the international consortium of investigative journalism (ICIJ), based in Washington. The organization gained access to 7 million documents located on the Bermuda law firm Appleby.

The article notes that Ross allegedly owns shares through offshore companies in the shipping firm Navigator Holdings. This company in turn from transactions with the holding company “SIBUR” “receives millions of dollars” ($68 million in revenues in 2014). It is the largest petrochemical company in Russia and Eastern Europe with full coverage of the industry cycle from gas processing, production of monomers. 17% of this holding company owned by Russian businessman Gennady Timchenko, against which the US imposed sanctions in connection with the situation in Ukraine.

Ross when it was not notified Congress about such relationships before approving his candidacy for the post of head of the Ministry of trade at the beginning of the year. In this regard, the consortium points to the “potential conflicts of interest” Minister, who “plays a major role in U.S. economic relations with other countries, including Russia”.

The press service of the U.S. Department of Commerce reported that Ross as the Minister withdrew from international transoceanic trade traffic. He works closely with officials of the United States on ethics “to ensure high ethical standards.” The report also notes that the Minister “has generally supported the sanctions of the US administration” against Russia.