Pirelli Gets Legal OK on Russia Sanctions Question

Pirelli says American attorneys cleared the tiremaker in concerns that its financial relationship with Rosneft may have violated U.S. sanctions against Russia.

The Russian oil mega-corporation is the chief shareholder of the Italian tiremaker.

Pirelli CEO Marco Tronchetti Provera said that the legal opinion was that Pirelli was “not in violation of the U.S. Office of Foreign Assets Control on account of the presence of Rosneft or of its head Igor Sechin on the Pirelli board,” according to a Reuters report.

“We wanted to have a formal answer from an American law firm to make all our investors confident and comfortable,” Tronchetti Provera said in the report.

Tags: Pirelli, Rosneft, tyres, cars, trucks

Thursday, 07 August 2014 06:55

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