U.S. Considers Dropping Sanctions Against Israeli Billionaire in Push for EV Metals
As part of its quest to gain access to minerals critical to the energy transition, the U.S. has recently considered a plan to drop sanctions against an Israeli mining magnate accused of corruption, according to people familiar with the matter. The plan involves the U.S.
lifting sanctions on businessman Dan Gertler, whom it accused nearly six years ago of corruption, to allow him to take part in mining deals with Saudi Arabia, the people said. Those mines, in turn, would ultimately deliver metals to American companies, the people said. Saudi Arabia, the U.S.
and Gertler have held early-stage talks about potential deals that could benefit all three parties, they added. The talks were active as recently as earlier this month. It isn’t clear what effect, if any, the Hamas-Israel war might have on the discussions.
Under one multibillion-dollar proposal that was being discussed, the Saudis would buy stakes in cobalt and copper mines in the Democratic Republic of Congo that are currently paying royalties to Gertler. The U.S. would get some of the rights to production from those mines.
Because Gertler is sanctioned by the Treasury Department and barred from doing business that has a U.S. nexus, the government is working on ways to remove him, the people said. A deal isn’t guaranteed, and the talks could fall apart, the people cautioned.
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