Mikhail Friedman
Photo: marketsignal
Ten out of twenty of the richest Russians have not been impacted by sanctions because of the war in Ukraine, which leaves a group of uber-rich Russian billionaires free to operate with no restrictions, Bloomberg says.
According to Bloomberg, Great Britain imposed sanctions on ten billionaires, the European Union - on nine. However, the USA imposed sanctions only on four Russian tycoons. Unlike their European counterparts, the Americans did not sanction Andrey Melnichenko, the shareholder of the company Eurochim (fertilizers), Victor Rashnikov, the majority shareholder of Magnitogorsk metal plant, or the shareholders of Alfa-Group, Mikhail Friedman, Petr Aven, German Khan, and Alexey Kuzmichev.
Only three people are on all three sanction lists, whereas four out of the five richest Russians were not sanctioned. Among them is Russia's richest man, the metals magnate Vladimir Potanin, whose estate before the war was worth 30 billion dollars, the co-owner of the Novateck gas company and the petrochemical holding Sibur Leonid Mikhelson, the steel magnate Vladimir Lisin and Vagit Aleksperov, the chairman of the oil company Lukoil.
Bloomberg states that it is difficult to track who has been sanctioned as Washington, Brussels, and London announce sanctions in a series of unlinked notices. Analysis shows significant differences between the limitations imposed by the USA, Great Britain, and the EU.
The USA froze the assets of 852 persons, EU - 775, and Great Britain - 982. But only 294 people are on all three sanction lists, 547 people have been sanctioned by the EU and Great Britain, 417 people are sanctioned by the US and the EU, and 452 people - by the US and Great Britain.
According to the experts interviewed by Bloomberg, some billionaires didn't make it to sanctions lists because of their shares in vital resource companies that supply western countries. Potanin is the largest shareholder of Norilsk Nikel, the company that accounts for about 10% of refined nickel and 40% of global palladium production - crucial for manufacturing semiconductors.
President Zelenskyy stated that Ukraine would disagree with a passive stance on sanctions against Russia. An expert group of Ukrainian and international experts at the Presidential Office will examine the actual impact of the sanctions imposed on Russia because of the war against Ukraine.