What you need to know about the powerful oligarchs and the sanctions on them

The Ecu Union and the United States have imposed sanctions on a protracted record of super-rich Russians believed to be shut to Vladimir Putin — from former KGB colleagues to the godfather of the president’s eldest daughter

The phrase oligarch has received numerous traction in the previous few days with the Ecu Union and the United States implementing sanctions on 26 of Russia’s maximum uber-rich males in reaction to the invasion of Ukraine.

On Monday, the Ecu Union introduced that they’d be implementing sanctions on a number of of the nation’s highest-profile oligarchs.

This motion got here after the US introduced identical sanctions on them, with Secretary of the Treasury Janet L Yellen announcing the sanctions have been supposed to “degrade Russia’s ability to project power and threaten the peace and stability of Europe” by means of chopping off get right of entry to to the broader world financial system.

Who’re those oligarchs, what energy do they yield in Russia, what’s going to be the impact of those sanctions? We attempt to solution those questions and additionally have a look at some notable oligarchs who’ve damaged rank and known as for peace.

Record symbol of Vladimir Putin with Sergei Ivanov. AFP

Sergei Sergeevich Ivanov, son of Sergei Borisovich Ivanov

Sergei Borisovich Ivanov is Russia’s particular presidential consultant for Environmental Coverage, Ecology, and Shipping. He has shut ties to Vladimir Putin as either one of them have been colleagues all the way through their KGB days. He additionally served as Putin’s Leader of Group of workers from 2011 to 2016.

His son Sergei Sergeevich Ivanov runs Alrosa, a government-backed diamond mining corporate that accounts for 28 in step with cent of the international’s diamond mining capability.

Sergei Sergeevich Ivanov may be a board member of Gazprombank, which is Russia’s 0.33 greatest monetary establishment.

Andrey Patrushev, son of Nikolai Platonovich Patrushev

Nikolai Platonovich Patrushev may be a former KGB colleague of Vladimir Putin’s and additionally served as the head of the Federal Safety Carrier, the primary successor company to the Soviet Union’s KGB.

This isn’t the first time that Nikolai Patrushev has been hit by means of sanctions; he was once hit by means of sanctions in 2018 too.

Nikolai Patrushev received recognition in 2006 when he was once implicated in the London radiation poisoning of defector Alexander Litvinenko.

His son, Andrey, was once appointed in 2019 as the CEO of Gazprom Neft, Russia’s third-largest oil manufacturer.

RussiaUkraine conflict What you need to know about the powerful oligarchs and the sanctions on them

Record symbol of Russian president Vladimir Putin presenting a medal to Russian cellist Sergei Roldugin all the way through an awarding rite at the Kremlin. AFP

Sergei Roldugin

The 71-year-old former major cellist of the Kirov Opera Theatre’s orchestra is one in all 26 businessmen, officers and army figures who’ve been added to the EU’s increasing sanctions record.

Apparently, he’s additionally godfather to Vladimir Putin’s eldest daughter, Maria.

The criminal textual content authorized by means of EU international ministers on Monday night time, learn: “Mr Roldugin is a businessman with shut ties to Vladimir Putin. He is a part of Putin’s community monetary scheme. He owns a minimum of 5 offshore entities and he assists in keeping his property at Financial institution Rossiya (sanctioned by means of the Union), identified in Moscow as ‘Putin’s pockets’.

“In accordance to the investigation of the ICIJ, Mr Roldugin is answerable for ‘shuffling’ a minimum of $2 billion thru banks and offshore corporations as part of Putin’s hidden monetary community.

“He also took part in ‘Troika Laundromat’, and he funnelled billions of dollars through the system. Moreover, he received more than $69 million through companies within the ‘Troika Laundromat.’”

RussiaUkraine conflict What you need to know about the powerful oligarchs and the sanctions on them

Record symbol of Vladimir Putin with Igor Sechin (R), leader government officer and chairman of the control board and deputy chairman of the board of administrators of Russian power corporate Rosneft. AFP

Igor Sechin

Igor Sechin is lately the CEO of state oil corporate Rosneft and a former deputy head of Putin’s management who has labored with the Russian chief since the Nineteen Nineties.

In accordance to Trade Insider, the oil baron has been known as the 2nd maximum powerful guy in Russia, after Putin.

In 2011, Reuters reported that it was once Sechin who helped protected a $16 billion handle BP, which gave the Russian corporate a 5 in step with cent stake in the British oil corporate.

His son is reportedly a deputy head of a division at Rosneft.

Alexander Aleksandrovich Vedyakhin

Vedyakhin lately serves as first deputy chairman of the government board of Sberbank, Russia’s biggest monetary establishment that was once additionally sanctioned this week.

Yuriy Alekseyevich Soloviev and spouse Galina Olegovna Ulyutina

Yuriy Alekseyevich Soloviev is the present chairman of the aforementioned FC Dynamo Moscow membership and a VTB Financial institution government. His spouse, Galina, was once previous stuck the eye of the US Treasury Division, which mentioned she was once implicated in a pay-to-play passport scheme.

Nikolay Tokarev

Some other KGB colleague of Vladimir Putin, the 71-year-old lately is leader government of Transneft, a big Russian oil and fuel corporate.

The EU textual content sanctioning him mentioned, “He’s Vladimir Putin’s long-time acquaintance and shut affiliate. He served along side Putin in the KGB in Nineteen Eighties. Mr Tokarev is one in all the Russian state oligarchs who assumed keep an eye on over huge state property in the 2000s as President Putin consolidated energy, and who perform in shut partnership with the Russian state.

“Nikolay Tokarev’s Transneft is one in all the primary sponsors of the palace complicated close to Gelendzhik which is broadly thought to be to be for my part utilized by President Putin.”

Alisher Usmanov

The 68-year-old is a businessman who operates in the iron ore and metal, media and web sectors. His corporate USM Holdings sponsors Everton’s coaching floor. Usmanov additionally has an unique naming-rights possibility on Everton’s new stadium.

RussiaUkraine conflict What you need to know about the powerful oligarchs and the sanctions on them

Record symbol of Russian president Vladimir Putin and founding father of USM Holdings Alisher Usmanov. AFP

Oligarchs who’ve grew to become on Putin

Mikhail Fridman, the founding father of Russia’s biggest personal financial institution Alfa Financial institution, has additionally been sanctioned by means of the EU.

Significantly, Fridman changed into the first oligarch to talk out in opposition to the Russian invasion this weekend after a letter he despatched to his workers was once shared by means of a couple of shops.

In the letter, the billionaire known as for “bloodshed to end,” even though he clarified he didn’t intend to be “political.”

The 57-year-old, who was once ranked as the 128th richest particular person in the international by means of Forbes in 2021, additionally mentioned the battle was once a ‘tragedy’ for each nations’ folks and added that the war was once using a wedge between the two jap Slav peoples of Russia and Ukraine, who’ve been brothers for hundreds of years.

Media multi-millionaire Evgeny Lebedev has additionally appealed to Vladimir Putin to prevent the invasion of Ukraine, thru the Night time Usual newspaper.

Lord Lebedev, who owns the newspaper along The Impartial, used the e-newsletter’s entrance web page on Monday to write an open letter to the Russian chief.

The Russian-born wrote: “I plead with you to use today’s negotiations to bring this terrible conflict in Ukraine to an end.”

We don’t know how lengthy the sanctions will stay imposed, however professionals be aware that the transfer will don’t have any actual impact on the Russian chief.

With inputs from companies

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