Russia’s richest man feeling the pressure after BNP Paribas margin call

Russia’s richest man, Oleg Deripaska, has been forced to sell a holding in a Canadian auto parts company after he was hit by a multi-billion dollar margin call from BNP Paribas, as analysts warn the financial crisis in Russia could be worse than previously thought.

Deripaska has handed a 20% stake in Canada's Magna that was bought fourteen months ago for $1.54bn (€1.11bn) to BNP Paribas after the French bank called in a $1.2bn loan collateralised against the holding.

WSJ Logo
Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on ItExternal link

Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It