The bounded finding
The emails show real work on sanctions deals. This is more than a name in an address book. But they show only an early, private proposal. The Treasury delisting that later happened used a different, separately documented restructuring. No record here links Epstein's proposal to that result.5
How Deripaska entered the thread
On May 4, Jide Zeitlin thanked Epstein for his thoughts on Deripaska. Epstein forwarded that message to Steve Bannon. He added the note “keeping you in the loop.”1
What that proves, and does not
It proves Bannon got this one message about Deripaska. The forward we found does not prove Bannon got every later detailed plan. It does not prove he helped design any of it.
The proposed structure
Epstein proposed a full sale of the stake. It came with a money interest and a right to buy back after five years, if sanctions were lifted. He wrote that Treasury would have to approve the first deal. He wrote that giving up control might make Treasury more comfortable.2
Zeitlin replied that a full sale might be needed. But he worried a buy-back right could make him look like a “strawman,” in law or in politics. Epstein then weighed a trust swap, an option, company debt, and ADR versions. He suggested a meeting with the right Treasury office.23
The furthest it got
On May 11, Zeitlin reported a “good lunch” in Zug about a sanctions fix. He said interest was piqued.4 That shows an early meeting and some interest. The email does not name every person there. It does not show Deripaska gave any go-ahead. And it does not record any contact with Treasury.
The deal that actually happened
On January 27, 2019, Treasury took En+, Rusal, and EuroSibEnergo off the sanctions list. First those companies cut Deripaska's ownership. They ended his control. They changed their boards. And they agreed to ongoing audits and reports. Treasury kept the sanctions on Deripaska himself.5
Some ideas look alike in broad terms, like cutting ownership and control. But looking alike does not prove one caused the other. The public Treasury statement does not credit Epstein or Zeitlin. And the emails here do not show their plan entering the official process.
Deripaska was the named subject. Epstein proposed specific deals. Zeitlin raised the strawman risk. A Zug lunch drew interest. Bannon got the first message that mentioned Deripaska.
Not establishedThat Bannon got the full later email chain. That Deripaska approved or received the proposal. That Treasury looked at it. That it broke sanctions law. Or that it caused the real delisting.
Receipts 001 to 005
The proposal and the separate result
Claim map
What each record carries
- Receipt 001
- The May 4 mention of Deripaska, and Epstein's choice to send that message to Bannon.
- Receipts 002 to 003
- Epstein's proposed deal, Zeitlin's stated worry, and the money tools they weighed.
- Receipt 004
- The later Zug lunch and the reported interest. It does not name who was interested.
- Receipt 005
- The terms and date of the real Treasury delisting.
- Not established
- That it was sent to Deripaska or Treasury. That it was illegal. That it was carried out. That it caused the delisting. Or that Bannon got the full later email chain.
Last updated: August 23, 2026.