War in Ukraine: Oligarchs who have not yet been sanctioned - Putin's clique, who are still trembling for their fortune

Created: 2022-04-09 06:42

By: Bedrettin Bölükbasi

In the Ukraine war, sanctions are the West's main measure against Russia.

Putin's oligarchs are also affected.

Some continue to fear for their wealth.

Munich - In the Ukraine conflict, Russian troops continue to relentlessly attack Ukrainian territory.

This map shows where the Ukraine war is raging.

The shock of the massacre in Bucha and suspected Russian war crimes is still deep and the next dramatic report from Ukraine followed: According to Ukrainian information, 30 people died in a rocket attack on the train station in the eastern Ukrainian city of Kramatorsk, where people were waiting to be evacuated People died and another 100 people are said to have been injured.

As hostilities intensify in eastern Ukraine, the US and EU have imposed fresh sanctions on Russia in response to the atrocious scenes in the Kiev suburb of Bucha.

Sanctions have so far been the most powerful weapon against Moscow's war of aggression and are severely affecting the already weakened Russian economy.

Russian oligarchs close to Putin are also affected by the sanctions, but some have so far remained unaffected.

Ukraine war: sanctions against only a handful of oligarchs - richest oligarch not sanctioned

According to the American news agency

, half of the 20 richest Russian men are not sanctioned.

Only one of the five richest oligarchs is sanctioned.

Also, only three oligarchs are subject to sanctions from both the US, UK and EU.

While Britain has sanctioned half and the EU nine of the 20 oligarchs, the US has sanctioned only four Putin oligarchs.

At the top of the 20 richest Russian oligarchs is Vladimir Potanin with a fortune of $30 billion

.

Potanin made his fortune by manufacturing and selling nickel and other metals to the West, making him officially the richest Russian in the world.

Like many oligarchs, he maintains a close relationship with Russian President Vladimir Putin.

So close that they even play ice hockey together.

Despite the good relations, however, he recently expressed cautious criticism of the Russian leadership's plans to confiscate assets from foreign companies.

This would bring about a situation like before the 1917 revolution, the oligarch warned.

So far, there have been no sanctions against Russia's richest businessman.

Potanin's company Norilsk Nickel could be behind the supply of important metals.

Sanctions against Potanin and a resulting delivery stop to the West would possibly also hit the European supply chains hard.

Ukraine war: No sanctions against oligarch Michelson and Gazprom competitor Novatek

In second place on the list of the 20 richest Russian oligarchs is Leonid Michelson.

The founder and chairman of the gas company Novatek is just below Potanin with a fortune of $29.2 billion.

Although he also holds shares in other companies, the heart of his fortune is and will remain Novatek.

A group that is also a real competitor for Gazprom.

In order not to anger the Russian head of state Putin with the threat from Gazprom, Michelson cleverly took another oligarch Gennady Timschenko on board at Novatek.

Timshenko may only be the 9th richest oligarch in Russia, but more importantly, he is in Vladimir Putin's inner circle of confidants.

Meanwhile, Michelson also enjoys close ties with the Kremlin boss.

Numerous snapshots show Michelson performing alongside Putin.

Ukraine war: Oligarch Lisin criticizes Russian invasion - "great tragedy" and "unjustifiable"

The top 5 list of the richest Russian oligarchs also includes Vladimir Lisin and Vagit Alekperov.

So far they have not been sanctioned either.

However, their examples demonstrate the sometimes difficult decision to sanction the oligarchs.

One thing is certain: based on their positions and wealth, sanctioning Lisin and Alekperov would be another powerful blow to the Russian economy.

After all, Lisin is chairman of Novolipetsk Steel, the largest Russian steel manufacturer.

Alekperov is the founder and boss of the oil company Lukoil.

However, other factors obviously also play a role in the decision as to who should be sanctioned and who should not.

Lisin was the first Russian billionaire to publicly criticize the Russian attack on Ukraine.

In a letter to his staff at the beginning of the invasion, he spoke of a "great tragedy" in view of the victims of the war and wrote that such a thing was "unjustifiable".

In addition, sanctions against the steel manufacturer could also hit Europe again.

Ukraine war: Lukoil as a counterweight to Rosneft?

- CEO Alekperov not sanctioned

Alekperov, in turn, could actually act with Lukoil as a counterweight to the state-owned Rosneft and its boss Igor Seschin.

Unlike Sezhin, who is a very close friend of Putin, Alekperov's relations with the Kremlin boss are not quite as warm - at least not on the same level as Sezhin.

Should Lukoil be sanctioned, the state-owned Rosneft would most likely swallow the market share of Alekperov's group.

Given Western dependence on Russian gas, supplying European countries would be even more threatened if a state-owned company completely replaced a relatively independent company, further limiting options for customers.

But now it remains to be seen whether and which other oligarch names may appear in the lists in the event of new sanctions by the West.