These are the ‘Kremlin oligarchs’ targeted by the US with sanctions

The Forbes Wealth Team

Joe Biden’s list of Russian billionaires who could be sanctioned in response to a Russian invasion of Ukraine has not been made public. With the help of experts and based on estimates, Forbes has identified the possible goals of the American president.

At least 11 billionaires – close friends of Vladimir Putin – have been accused by the US of “illegal economic activities”, either shortly after the Russian invasion of Ukraine in 2014 or in the wake of Russian interference in the 2016 US presidential election.

There are, however, some who have escaped sanctions. At the top of this list are Roman Abramovich, Alisher Usmanov and Leonid Mickelson, with a total value of $ 58.3 billion.

In addition to warning that the sanctions could affect Vladimir Putin personally, the Biden government is keeping its papers closed on the tycoons it plans to target. White House spokeswoman Jen Psaki said Monday that Washington has identified people “within or near the Kremlin circle” who “participate in government decision-making or are equally responsible for the Kremlin’s destabilizing behavior.” . They are vulnerable, she added, “because of their close economic ties with the West.”

Sanctions are blocked by the US financial system and they lose access to any assets under US jurisdiction. Strict measures against some oligarchs have resulted in a slight reduction in their wealth.

In March 2019, and while no time had elapsed since the imposition of US sanctions on billionaire Oleg Deripaska, the latter sued – without justification – the US Treasury Department, claiming that it was now considered “toxic” for any transaction in the world. According to a Forbes analysis, in the 11 months between the announcement of the sanctions and the filing of the lawsuit, Deripaska’s net worth fell by 47% to $ 3.58 billion from $ 6.76 billion. speech in the “dive” noted by the shares of the aluminum companies run by the Russian tycoon: En + Group and UC Rusal.

Another oligarch, who was sanctioned in 2018, Victor Wexelberg, commented in an interview with the Russian edition of Forbes in February 2021 that he had assets worth more than $ 1.5 billion abroad, which he could not to exploit without the approval of the US Treasury Department. Wexelberg is worth $ 9.3 billion.

Let’s see who the three tycoons are likely to be on Biden’s sanctions list:

Roman Abramovich

Net worth: $ 13.8 billion

Abramovich is one of the most famous Russian oligarchs, as he is the owner of the English football team Chelsea. His net worth includes billions of dollars worth of stakes in Russian companies Evraz and Norilsk Nickel, while $ 2.7 billion of his personal fortune is linked to Chelsea.

Having invested very large sums in the West, Abramovich seemed like an easy target in previous rounds of sanctions, but so far he has managed to avoid them. Kremlin opposition leader Alexei Navalny, who was poisoned in 2020 and is currently being held in Russian prisons, has been urging the West for years to impose sanctions on Abramovich, as well as on Alisman Usmanov, a former team: Arsenal. Navalny has expressed the view that the sanctions have not worked properly because Western countries do not impose them on Russia’s economically powerful.

According to an expert who has worked with the Russian government, Abramovich escaped sanctions in the past thanks to his friendly ties with Ivanka Trump – the daughter of former US President – and her husband Jared Kouchner. Trump-Kouchner’s close relationship with Abramovich and his ex-wife Dasa Zukova was revealed in the security clearance forms required to join the White House.

Abramovich “was seen repeatedly with Ivanka and Jared in St. Petersburg, Dubrovnik, Aspen, the Caribbean’s St. Barts and New York,” according to the expert. “He was very close to Ivanka and Jared and they covered him.”

Ivanka Trump and Jared Kouchner did not respond to a request from Forbes for comment.

Alisher Usmanov

Net worth: $ 16.4 billion

Usmanov’s biggest involvement is in the steelmaking giant Metalloinvest. Thanks to Yuri Milner, CEO of Russian venture fund Digital Sky Technologies, he was one of the first to invest in Facebook. Usmanov owns shares in Chinese tech giant Xiaomi, telecommunications and mining companies, and the media. He also had the “germ” of English football teams, since in the past he owned 30% of Arsenal. In 2018, Usmanov sold his stake in the London team for $ 712 million to American billionaire Stanley Krenke, owner of the Los Angeles Rams, among other things.

In December, Usmanov’s holding company sold its stake in VK – a leading Russian internet service group formerly known as Mail.Ru – to Sogaz Insurance Company, partly owned by Putin’s “ally” Yuri Kovaltsuk. with a net worth of $ 3.6 billion. According to the expert, Usmanov has repeatedly covered Putin and provided solutions to his business problems. In addition, Usmanov works closely with Andrei Scott, another Russian oligarch (with a net worth of $ 7.7 billion), to whom the US imposed sanctions in 2018.

Usmanov’s ties to Putin are not limited to business. The Russian oligarch is married to Irina Wiener, the rhythmic gymnastics coach who helped Alina Kabaeva – who is rumored to be Putin’s mistress – win the gold medal at the 2004 Olympics.

As the Biden government targets oligarchs who have assets in the West, Usmanov’s profile meets this requirement, as he owns real estate across Europe. In particular, Usmanov owns two large properties in London – Beechwood House and Sutton Place – with a total value of almost $ 300 million. Among other things, he also has properties in Munich, Monaco and Sardinia.

Leonid Mickelson

Net worth: $ 28.1 billion

The founder and chairman of the gas company Novatek, Mickelson is also a business partner of Gennady Timchenko, an oligarch with a net worth of $ 23.5 billion, to whom the US has imposed sanctions since 2014. “Sanctions against him will “They came as a natural continuation of the sanctions on Timchenko, who is the most powerful businessman in Putin’s circle,” he said. “Mickelson is a sure choice.”

The following is a list of Russian oligarchs who have been sanctioned by the US government since 2014.

1. Gennady Timchenko
2. Oleg Deripaska
3. Victor Wexelberg
4. Vladimir Bogdanov
5. Suleiman Kerimov
6. Igor Rothenberg
7. Arkandi Rotenberg
8. Boris Rotenberg
9. Kirill Samalov
10. Andrei Scott
11. Yuri Kovalchuk

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