profile 09 Dec 16

Oleg Deripaska, Montenegro’s Saviour Turned Enemy

The Russian billionaire who now claims hundreds of millions of euros from Montenegro was only ten years earlier welcomed as a friend and life-saving investor.

Dusica Tomovic
BIRN
Podgorica
Oleg Deripaska. Photo: World Economic Forum/  Flickr.

The love affair between a Russian Tycoon Oleg Deripaska and Montenegro ended up just as badly as all break-ups that follow great romances do.

The feud between Deripaska and former Prime Minister Milo Djukanovic could cost Montenegro hundreds of millions of euros, this being the sum claimed by the Russian tycoon and his company before an international court.

On December 7, Deripaska, owner of the Central European Aluminum Company,CEAC, announced he is personally suing Montenegro for “hundreds of millions of euros” over the loss of his investment in the troubled KAP aluminum plant.

Only 10 years ago he was welcomed as a crucial investor who could revive Montenegrin heavy industry and attract thousands of Russian tourists to the Montenegrin coast on the strength of his name alone.

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