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. Last Updated: 07/27/2016

BasEl Buys Millhouse's Auto Stake

Billionaire Chukotka Governor Roman Abramovich continued the liquidation of his Russian assets Tuesday, selling his stake in auto industry conglomerate Ruspromavto to fellow billionaire Oleg Deripaska, news agencies reported.

Deripaska's holding company, Base Element, paid Abramovich's Millhouse Capital an undisclosed sum for 37.5 percent of Ruspromavto, doubling its stake in the auto giant.

Russian news wires, citing unnamed Ruspromavto executives, said Alexander Yushkevich, the managing director of Base Element, or BasEl, will replace Ruspromavto CEO Pyotr Sinshynov, who resigned for health reasons.

None of the companies would comment on the reports.

Ruspromavto unites more than 20 companies, including No. 2 automaker GAZ and truckmaker Ural.

Last month, BasEl upped its stake in metals giant Russian Aluminum to 75 percent by buying half of Millhouse's 50 percent stake for an estimated $2 billion.

Political and market analysts say Abramovich anticipated the ongoing legal assault on Yukos founder Mikhail Khodorkovsky's empire and decided to cash out of Russia while he can, pointing to his purchase of London soccer club Chelsea this summer.

In the spring, he sold a 26 percent stake in flagship airline Aeroflot to National Reserve Bank for an estimated $135 million.

In the summer, he agreed to sell his oil company, Sibneft, to Yukos, for a blocking stake in the new company and billions of dollars in cash.