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☆ 18 months after Putin invaded Ukraine, Russia's sanctioned oligarchs are still rich and even less likely to stand up to him
▼ + stars: | 2023-09-09 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +10 min

Russia's oligarchs are even less likely to turn on Vladimir Putin 18 months after the invasion. In the 18 months since Russia invaded Ukraine, the lives of Russian oligarchs such as Melnichenko have changed immeasurably in the face of Western sanctions. Sanctions were unleashed on Russia's billionaires as part of a wider set of economic restrictions that some hoped would inspire a revolt within the country. Russia's oligarchs have Putin to thank for their ongoing success. Revolt is possible but unlikelyIt now appears Russia's oligarchs have adapted to a new status quo where they lack political influence but still have a reliable stream of cash.

Persons: Vladimir Putin, Andrey Melnichenko, Putin, Mikhail Svetlov, Melnichenko, Forbes, hasn't, Putin —, Roman Abramovich, Alisher, Alisher Usmanov, Alexei Druzhinin, Ivan Fomin, Fomin, That's, Peter Rutland, Vladimir Potanin, Potanin, Rosbank, they've, there'd, Rutland, they're, Abramovich, Michael Regan Abramovich, He's, We'll, Arkady Volozh, Yevgeny Prigozhin, Putin oligarch, Wagner Organizations: Putin, Service, Financial Times, United Arab, Russia's, Soviet Union, Union, Kremlin, Center for, Center for Strategic, International Studies, Forbes, Wesleyan University, Bloomberg, New York Times, London, Chelsea FC, Getty, Guardian, Street, EU Locations: Wall, Silicon, Dubai, United Arab Emirates, Russia, Ukraine, Soviet, EU, Russian, Rutland, France, Thailand, Turkey

☆ One of Russia's richest oligarchs who now lives in Dubai says Putin's invasion of Ukraine made him a 'pariah'
▼ + stars: | 2023-09-02 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

One of Russia's richest men, Andrey Melnichenko, said the Ukraine war had made him a "pariah." Melnichenko now lives in the UAE, where his $300 million Motor Yacht A is moored. His $578 million Sailing Yacht A was seized by Italian authorities shortly after he was sanctioned. AdvertisementAdvertisementOne of Russia's richest individuals said he'd become a "pariah" in the United Arab Emirates where he fled after being sanctioned. Oleg Tinkov managed to get sanctions against him in the UK lifted after slamming Putin's invasion of Ukraine and getting the backing of British business tycoon Richard Branson.

Persons: Andrey Melnichenko, Melnichenko, he'd, Vladimir Putin, I'm, Roman Abramovich, Arkady Volozh, Oleg Tinkov, Richard Branson Organizations: United, United Arab Emirates, Financial Times, Forbes, Chelsea FC, Bloomberg, EU Locations: Ukraine, UAE, United Arab, Russia, Israel, Le

☆ Russia's so desperate to get its billionaires and their massive wealth back that it just threatened to seize the assets of an oligarch worth $13 billion
▼ + stars: | 2023-08-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia filed a lawsuit against oligarch Andrey Melnichenko, who is worth $13 billion. The state is looking to seize Sibeco amid Putin's call for Russian tycoons to invest at home. Authorities have filed a lawsuit against Andrey Melnichenko, an oligarch now based in the United Arab Emirates, the Financial Times reported on Sunday. The ninth richest person in Russia, Melnichenko — who has been sanctioned by the European Union and the US — is worth $13 billion as of Monday, according to Bloomberg Billionaire's Index. In March 2022, Melnichenko — whose mother is Ukrainian — told Reuters in an interview that Russia's invasion of Ukraine was "truly tragic."

Persons: oligarch Andrey Melnichenko, Andrey Melnichenko, —, nationalize, Melnichenko, Putin, Melnichenko —, Ukrainian — Organizations: Service, Moscow, Authorities, United Arab Emirates, Financial Times, Melnichenko's, Kremlin, Reuters, European Union, Bloomberg Billionaire's Locations: Russia, Wall, Silicon, Ukraine, Siberian, Krasnoyarsk —, Russian, Ukrainian

☆ Russia minted 22 new billionaires last year, even as the West slapped sanctions on the country to try to cripple it financially
▼ + stars: | 2023-04-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia minted 22 new billionaires in 2022, per Forbes World's Billionaires List. There are now 105 Russian billionaires worth $474 billion collectively — up from $320 billion on-year. The fortunes of some Russian billionaires have been boosted by high commodity prices. In the US, 735 billionaires saw $200 billion wiped off their collective net worth between March 2022 and 2023, per Forbes. In China, 735 billionaires saw their net worth crash by $300 billion in the same period, per Forbes.

☆ Dozens of sanctioned superyachts seized from Russian oligarchs still hang in limbo, racking up millions in maintenance
▼ + stars: | 2023-03-02 | by ( Grace Kay | Sam Tabahriti | ) www.businessinsider.com time to read: +6 min

Seized yachts owned by sanctioned Russian oligarchs hang in limbo as US and European authorities decide next steps. Annual maintenance for some of the yachts costs as much as $115.6 million. Earlier this week, CNBC reported that billions of dollars in oligarch's assets — from yachts and villas to private jets — are still frozen. And while the Russian oligarchs are still technically responsible for paying for yacht maintenance, they're unlikely to fork over the maintenance cost or authorities will encounter difficulty collecting the funds due to sanctions on financial transactions with the billionaires. According to Maltby, the maintenance cost of a yacht usually totals about 15% to 20% of its overall value.

☆ Russian oligarchs believe Putin tricked them into appearing to support the war in Ukraine, and got them all sanctioned, report says
▼ + stars: | 2022-12-18 | by ( Katie Balevic | ) www.businessinsider.com time to read: +4 min

Russian oligarchs say Putin tricked them into supporting his war in Ukraine, per The New York Times. When Putin announced the invasion, they were gathered before cameras "to tar everyone there," The Times reported. "Russian businesspeople, Russian officials, the Russian people — they saw a czar in him. He joined rows of other business moguls who were equally surprised by Putin's invasion. In the weeks and months that followed, Russian oligarchs had their assets frozen and were banned from traveling to some countries as the Ruble fell into freefall.

Since the early days of the invasion, Mr. Putin has conceded, privately, that the war has not gone as planned. “I think he is sincerely willing” to compromise with Russia, Mr. Putin said of Mr. Zelensky in 2019. To join in Mr. Putin’s war, he has recruited prisoners, trashed the Russian military and competed with it for weapons. To join in Mr. Putin’s war, he has recruited prisoners, trashed the Russian military and competed with it for weapons. “I think this war is Putin’s grave.” Yevgeny Nuzhin, 55, a Russian prisoner of war held by Ukraine, in October.

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