oligarchs

Russia’s 50 richest oligarchs will be targeted in U.S. sanctions aimed at curbing the Kremlin’s “malign activity.” This is another blow for Putin who has lost about 4,300 troops and nearly 150 tanks, and both Kyiv, the capital, and Kharkiv, Ukraine’s second-largest city, are still under Ukrainian control.

Who are the Russian oligarchs?

Fifty Russian oligarchs are to be targeted in sanctions, the US Treasury says. The individuals and companies were added to a blacklist by President Biden in response to Russia’s invasion of Ukraine.

50 Russian oligarchs to be targeted in sanctions

In a move widely condemned as “knee jerk” by international observers, the United States has imposed sanctions on fifty Russian oligarchs and major business figures. The announcement was made by U.S Treasury Secretary Steve Mnuchin just hours after the Trump administration sanctioned more than 300 Russian entities and individuals for their role in interfering in the 2016 U.S. elections. The sanctions are part of an effort to punish Russia for its interference in the 2016 presidential election and its military aggression in Ukraine, among other events.

Fifty Russian oligarchs will be targeted for sanctions by the United States and European Union, with sanctions focused on companies that “fund projects associated with Putin’s regime,” according to a joint statement from the U.S. Treasury Department and EU.

What restrictions will there be on these companies and individuals?

The US and EU have put in place sanctions on around 50 Russian oligarchs as well as other senior officials and companies they own. They are not being banned from entering the US or EU, but U.S. and European sanctions on their assets will affect them. This includes any companies they might hold shares in and the individuals involved with these companies.

US government’s opinion on these sanctions

The sanction targets are primarily Russian oligarchs who are close to President Vladimir Putin and have donated to his re-election campaign. This news comes after President Trump met with Russia’s foreign minister, Sergey Lavrov at the White House on Wednesday.

Igor Sechin

Vessel linked to Igor Sechin taken as Hamburg authorities deny confiscation of Alisher Usmanov’s $600m superyacht.

Usmanov was on a list of billionaires to face sanctions from the European Union in response to Russia’s 24 February invasion of Ukraine. Usmanov’s 156-metre (512-foot) yacht Dilbar, valued at $600m and regarded as the largest motor yacht in the world by gross tonnage, was seized by German authorities on Wednesday, according to a Forbes report based on three sources in the yacht industry.

Mikhail Khodorkovsky 

Khodorkovsky who has already been convicted of fraud and tax evasion. The move could have a significant impact on Russia’s economy as the oligarchs control much of the country’s wealth.

Sergei Sergeevich Ivanov

He is the CEO of Sistema, a company that controls 14 per cent of Russia’s cellular market. He also owns approximately a 6 per cent stake in Gazprom. He served alongside Putin in the KGB and later became a permanent member of the Security Council of the Russian Federation.

Andrey Patrushev, son of Nikolai Platonovich Patrushev

Andrey Patrushev, son of Nikolai Platonovich Patrushev is one of the many Russian oligarchs who will be targeted in sanctions. He has also been in charge of Russia’s FSB security service since 2011. Patrushev is now secretary of the Russian Federation Security Council and was previously sanctioned in 2018.

Ivan Igorevich Sechin, son of Igor Ivanovich Sechin

Russia’s son of Igor Ivanovich Sechin, Ivan Igorevich Sechin will be targeted by the sanctions. As of now, he has no public holdings in Russia. Other names mentioned include bank executives and the heads of state-owned companies. The former Soviet military interpreter helped secure a $16 billion deal with BP, which gave the Russian company a 5 per cent stake in the British oil company, Reuters reported in 2011.

Alexander Aleksandrovich Vedyakhin

Alexander Aleksandrovich Vedyakhin is the founder of the Russian Aircraft Corporation MiG, and Oleg Deripaska, controls a company that produced aluminium for U.S. President Donald Trump’s former campaign manager Paul Manafort.

Galina Olegovna Ulyutina

Soloviev’s wife was previously implicated in a golden passport scheme, according to the U.S. Treasury Department. Ulyutina is considered one of 50 oligarchs that will be targeted.

Yuriy Alekseyevich Soloviev

Russian oligarch Yuriy Alekseyevich Soloviev was recently sanctioned by the United States. A Russian citizen, he has been connected to numerous businesses that have served as fronts for the Russian government and organized crime, according to this article.

Andrey Sergeyevich Puchkov

Andrey Sergeyevich Puchkov, President of the Russian Federation is a key figure in the Russian economy. The former KGB and FSB colonel has been dubbed “the oligarch in charge” since he took over Putin’s former position as head of Russia’s central bank, or Gosbank, in 2012.

If you want to add more oligarchs to the list please let us know in the comment section below.