HomeLatestWho are Russian Oligarchs? US Imposes New Sanctions on them

Who are Russian Oligarchs? US Imposes New Sanctions on them

Russian oligarchs are very wealthy business tycoons who have very good political connections and are also considered to have accumulated a lot of wealth during the era of Russian privatization after the dissolution of the erstwhile Soviet Union in the 1990s.

The ownership of these state-owned enterprises was contested by former USSR officials and acquired by them. The term “oligarch” is derived from the Ancient Greek letter “oligarkhia” which means “the rule of the few”.

When Russia’s invasion of Ukraine was ordered by Russian President Vladimir Putin on 24th Feb, the US and other countries have imposed sanctions on Russian oligarchs.

Biden imposes new sanctions on Russian Oligarchs

Lisa O. Monaco, Deputy Attorney General said in a press release on 3rd March, “To those bolstering the Russian regime through corruption and sanctions evasion: we will deprive you of safe haven and hold you accountable. Oligarchs be warned: we will use every tool to freeze and seize your criminal proceeds.”

The Justice Department says that they have taken a new initiative, Task Force KleptoCapture which will aim to enforce the sanctions that are designed in such a way that Russia will be isolated from global markets and impose serious costs to Russian officials and government-aligned elites.

Sanctions imposed on the below list of Russian politicians and oligarchs

Canada, the US, and European leaders have not only frozen foreign holdings of below Russian politicians and oligarchs but also restricted travel and severing business ties.

  • Vladimir Putin – President of Russia
  • Igor Sechin – Rosneft oil executive & former Deputy Prime Minister
  • Andrey Patrushev – Secretary for the Security Council of Russia
  • Kirill Shamalov – Gazprom Executive and former son-in-law of Putin
  • Alisher Burkhanovich Usmanov – Uzbek-born Russian business tycoon
  • Alexander Aleksandrovich Vedyakhin – banking executive at Sberbank
  • Andrey Sergeyevich Puchkov – Chairman – VTB Bank banking & football
  • Yuriy Alekseyevich Soloviev – FC Dynamo Moscow club chairman and a VTB Bank executive
  • Sergei Sergeevich Ivanov – Board member of Gazprombank and President of Alrosa diamond mining
  • Yury Slyusar – Director of United Aircraft Corporation & Board Member of Aeroflot, Russian Airlines Pjsc and United Aircraft
  • Petr Fradkov – Promsvyazbank Executive
  • Gennady Timchenko – President of Volga Group private equity

During the regime of Mikhail Gorbachev from 1985–1991, the first modern Russian oligarchs emerged as business-sector entrepreneurs. These younger generation entrepreneurs built huge wealth as they got huge arbitrage opportunities.

For the past four years, the USA has imposed sanctions via the Countering America’s Adversaries Through Sanctions Act (CAATSA) on many Russian oligarchs and their respective companies for supporting the Russian government.

During the presidency of Boris Yeltsin between 1991 to 1999, oligarchs became very influential in Russian politics.

Below are a few influential oligarchs from the Yeltsin era:

  • Boris Berezovsky
  • Mikhail Fridman
  • Vladimir Gusinsky
  • Mikhail Khodorkovsky
  • Vladimir Potanin
  • Alexander Smolensky
  • Pyotr Aven
  • Vladimir Vinogradov
  • Vitaly Malkin

Below are some of the prominent oligarchs of the Putin era:

  • Roman Abramovich
  • Alexander Abramov
  • Oleg Deripaska
  • Mikhail Prokhorov
  • Alisher Usmanov
  • German Khan
  • Viktor Vekselberg
  • Leonid Mikhelson
  • Vagit Alekperov
  • Mikhail Fridman
  • Dmitry Rybolovlev
  • Vladimir Potanin
  • Pyotr Aven, and
  • Vitaly Malkin

Stay in touch for more updates!

Archana Kabra
Archana Kabra is a Freelance Writer and has been extensively writing stuff related to Entertainment, Lifestyle, and Technology. She is also an ardent music lover. Twitter handle: @archana153sarda
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