Russian billionaire complains about forced expropriation: "It was like taking hostages"

Created: 05/03/2022 05:04

By: Richard Strobl, Thomas Schmidtutz

Refinery: In the discussion about a possible supply freeze for Russian oil, the federal government has now initiated a surprising about-face.

© Patrick Pleul/dpa

Germany is now supporting an oil embargo against Russia - with the corresponding consequences for private households and companies.

• In view of the Ukraine war, the federal government vacates the next position.

• Now the federal government is also open to an oil embargo against Russia.

  (see first report from May 1st, 3:54 p.m.)

• Private households and companies will have to adjust to rising energy prices, warns Economics Minister Robert Habeck (

  see update from 11:33 a.m.

  )

• The energy supplier Naftogaz has called for a tougher stance by the West against Russia (

  see update from 1:29 p.m.

  )

Naftogaz boss calls for tough course of the West: "Crushing sanctions against Russia"

Update from May 2, 4:03 p.m.

– The Russian billionaire Oleg Tinkov claims to have been forced to sell his bank for a fraction of its value because of his criticism of the Russian campaign.

“I couldn't discuss the price.

It was like a hostage situation - you take what you're offered," he described the sale in an interview with The New York Times, which made headlines in the Russian media on Monday.

The billionaire, who has been living abroad for several years, said he hired bodyguards because friends with ties to the Russian secret service told him the Kremlin wanted to kill him.

According to Tinkov, the Kremlin administration has also threatened the management of the Tinkoff Bank, which he founded, with nationalization if the bank does not cut ties with him.

He was then forced to sell his 35 percent stake "for kopecks".

The buyer - billionaire Vladimir Potanin - only paid him three percent of the real value, Tinkov complained.

Tinkoff Bank denied the account of its founder.

In April, Tinkov described the war against Ukraine ordered by Russian President Vladimir Putin as "pointless" and claimed that 90 percent of Russians were against it.

He attributed the failures of the Russian army to corruption, as the whole country was "caught in nepotism, toadyism and subservience".

Two days later, Tinkoff Bank announced a name change.

A little later, the sale of the shares also became public.

Update from May 2, 1:29 p.m.

– In view of the ongoing war in Ukraine, the head of the Ukrainian energy supplier Naftogaz, Yuriy Vitrenko, has called for a complete oil and gas embargo.

"Devastating sanctions that are really suitable for weakening Putin's position are needed," Vitrenko told the editorial network Germany (RND).

Germany could choose different ways to meet Russia's gas exports.

It is conceivable, for example, to freeze gas payments to Russia in escrow accounts.

"Another variant would be for the German state to levy customs duties on Russian gas, making it so expensive for importers that it is no longer worth importing," said the energy manager.

Habeck: State cannot absorb all price increases - "It's the bitter truth"

Update from May 2, 11:33 a.m.

– Consumers in Germany have to be prepared for permanently high prices for fuel, electricity and gas.

"We will have to continue to expect higher prices," said Federal Minister of Economics Robert Habeck on Monday morning after a meeting with small and medium-sized business associations.

The state cannot absorb all price increases, neither for companies nor for consumers, said Habeck in Berlin.

This is "the bitter and the hard truth."

The federal government has launched various aid programs designed to secure liquidity and keep companies in the market.

"But you can, and I can't spare anyone this hard message, you can't prevent the prices from being passed on." The economy must bear this.

"Otherwise we will not get through this time," said Habeck.

Russia sanctions: Germany now for oil embargo - Habeck deals probably decisive

First report from May 1st, 3:54 p.m.

– The next change of course by the German government in the Ukraine conflict is becoming more and more likely.

Germany is now apparently supporting the European plan to ban imports of oil from Russia.

Previously, the Federal Republic was long considered a brake on the subject.

According to dpa information, in recent preliminary talks on a possible sixth EU sanctions package, the government had clearly spoken out in favor of introducing such an embargo.

The agency relies on information from EU diplomats.

The ARD also confirmed this information.

A corresponding decision by the European Union has thus become much more likely.

Russia sanctions: Germany now probably for oil embargo

Only Hungary, Austria and Slovakia as well as Spain, Italy and Greece are considered to be the brakes on the oil embargo.

According to diplomats, countries such as Slovakia and Hungary have so far been against a quick import ban, mainly because of their great dependence on Russian oil supplies.

In the southern European countries, meanwhile, the expected increase in energy prices after an embargo is viewed with great concern by consumers.

The reason for the German course reversal is likely to be the recent successes in the search for alternative oil suppliers.

Economics Minister Robert Habeck (Greens) announced last Tuesday that Germany's dependence on Russian oil had been reduced from 35 percent before the start of the Ukraine war to 12 percent within eight weeks.

An oil embargo with a sufficient transitional period would now be manageable in Germany, subject to rising prices.

Oil embargo against Russia: Hungary is now considered a blocker

In the coming days, the EU could decide on another package of sanctions against Russia, which also includes import bans on oil.

A corresponding text is currently being prepared, and the EU Commission could present it in the coming days with a view to a meeting of ambassadors on Wednesday, as the AFP news agency learned from diplomatic circles in Brussels over the weekend.

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According to this, Hungary in particular is still considered a potential blocker of a unanimous decision on sanctions that will then be necessary.

After his re-election in early April, Prime Minister Viktor Orban announced that he would veto any form of energy embargo.

Because of the Russian war in Ukraine, the EU countries had already decided to ban the import of Russian coal.

The Ukraine and EU countries such as Poland and the Baltic countries have long been calling for an expansion to include oil and gas.

However, Germany and some other countries are very dependent on Russian energy imports.

You can read the background to the Ukraine conflict here.