Originally Syndicated on August 14, 2023 @ 8:42 am
Billionaires with ties to the Kremlin are rushing to divert their wealth to safe havens following the announcement of EU, US and UK sanctions
In the realm of opulence and grandeur, the Russian oligarchs stand as prominent figures whose vast wealth extends from private jets to luxurious yachts, sprawling mansions, and intricate offshore companies. This article delves into the alluring world of Russian oligarchs’ Western assets, exploring their extravagant lifestyles, multimillion-dollar acquisitions, and the intricacies of offshore financial maneuvers.
In recent times, the European Union has wielded a powerful tool in its efforts to address the crisis arising from the invasion of Ukraine by Russia. This tool, meticulously crafted and strategically implemented, is none other than a comprehensive list of names. This list, containing the identities of nearly 1,000 Russian individuals, represents a significant component of the EU’s sanctions against Russia, aimed at exerting pressure and bringing about a diplomatic resolution. In this discourse, we delve into the intricacies of this list and its impact on the Russian economy, exploring the profiles of 40 key individuals within it.
Table of Contents
The Sanctions List: Russian oligarch’s Western assets
At the heart of the EU’s response to Russia’s actions in Ukraine lies the sanctions list, a compilation of individuals representing various spheres of influence within the Russian hierarchy. Comprising politicians, entrepreneurs, ministers, members of the military, journalists, and select oligarchs, this list identifies those with direct connections to the Kremlin and considerable influence over the corridors of power in Moscow. The sanctions list is a multifaceted instrument, not only holding those implicated accountable but also serving as a deterrent for future aggressions.
Russian oligarch’s Western assets: Tycoons, Properties, and Investments
EL PAS, a reputable source for global news, has undertaken a meticulous analysis of 40 individuals from the sanctions list. These individuals, often referred to as tycoons due to their wealth and influence, present an intriguing web of properties, investments, and business associations across Europe. The scope of their economic activities is impressive, with 45 properties, 16 yachts, and 10 private jets under their collective ownership. Moreover, these tycoons have strategically positioned themselves by making 13 distinct business investments, further diversifying their interests in Western assets.
The Inner Circle: Insights into Putin’s Trusted Allies
Among the 40 individuals, a subset of 14 holds a significant distinction in Western assets: they are part of the inner circle of trust surrounding Russian President Vladimir Putin. These individuals, meticulously selected for their loyalty and influence, hold a unique position of power within the Russian political landscape. Their profiles offer insights into the dynamics of Putin’s inner sanctum and provide a glimpse into the decision-making processes of the Kremlin.


Oligarchs sanctioned by the EU in Western assets
Sergey V. Chemezov CEO of Rostec Corporation (a state-owned defense conglomerate) | Arkady R. Rotenberg Owner of S.G.M. Group (biggest infrastructure company for transporting gas and oil) |
Nikolai T. Shamalov Second-largest shareholder of Rossiya Bank, founder of Ozero (a cooperative associated with Putin’s inner circle | Petr O. Aven A former head of Alfa-Bank (Russia’s largest commercial bank) and personal friend of Putin |
Nikolay P. Tokarev President of Transneft (gas and oil company controlled by the government). Served with Putin in the KGB | Mikhail M. Fridman The main shareholder of Alfa Group and Alfa-Bank, known as one of Russia’s most important businessmen |
Igor I. Sechin (chairman of Rosneft, one of the world’s largest producers of crude oil.) Friend of Putin | Gennady N. Timchenko Founder of Volga Group, (an investment group in key areas of the Russian economy). Close friends of Putin |
Alisher Usmanov Magnate, owner of communication and mining companies. Frontman for Putin | Alexander N. Shokhin President of the lobby group Russian Union of Industrialists and Entrepreneurs and of a large mining company |
Vladimir V. Rashevsky Managing director of EuroChem Group AG, one of the world’s biggest producers of fertilizers | Yury V. Kovalchuk President and main shareholder of Rossiya Bank, known as Putin’s banker |
Sergei P. Rodulguin Cellist and businessman, who according to the ICIJ “redistributed” millions of dollars of Putin’s hidden financial network | Suleyman A. Kerimov President of the financial group Nafta Moscow. He received large sums of money from Sergei Rodulguin |
Decoding Oligarchs: Exploring Their Economic Influence and European Aspirations
Oligarchs, a distinctive class of entrepreneurs wielding immense economic influence, are instrumental in shaping Russia’s political and economic landscape. These individuals leverage their considerable clout to secure favorable legislation and contracts for their companies, thereby reinforcing their positions of power. An oligarch’s prowess extends beyond their businesses; they are pivotal players in a complex web of wealth distribution and economic control.
The Elite Few: Oligarchs and Inequality in Russia
Within Russia’s vast population, a mere 0.01%, comprising approximately 10,000 individuals, constitutes the elite group of oligarchs. Paradoxically, this minuscule fraction commands a substantial 12% share of the nation’s wealth, a staggering disproportion that underscores the intensity of economic disparity. This disquieting scenario occurs within a country that holds the dubious distinction of having the highest levels of inequality across the entire European continent. The wealthiest 10% possess a commanding 74% of Russia’s wealth, a figure alarmingly surpassing the European average of under 60%.
Oligarch Fortunes and Privatization
The origins of oligarchs’ opulent fortunes are frequently rooted in the privatization wave that swept through pivotal sectors of the economy after the disintegration of the Soviet Union. The privatization process catalyzed the rapid concentration of wealth and power, enabling a select few to amass unprecedented economic control. The influence of oligarchs extends well beyond their financial clout, permeating into the political and social spheres of Russia.
European Aspirations: Oligarchs’ Affiliation with Europe
Interestingly, the oligarchs’ aspirations transcend national boundaries, particularly towards Europe. Their desires align with a European lifestyle, prompting them to invest heavily in the continent. European nations beckon with the promise of superior educational opportunities and an enhanced quality of life for their families. Sergei Guriev, a prominent Russian economist, elucidates that European sanctions bear a particular sting due to these aspirations. The disruption of their European ties could spell economic and personal discomfort for these influential figures.
The Tug of War: Oligarchs, Putin, and Western Assets
The relationship between oligarchs and Russia’s President Vladimir Putin is intricate. The oligarchs’ economic activities can significantly impact Putin’s war chest. Should these key figures face curtailed Western assets prospects, their ability to contribute to Putin’s endeavors could be constrained. The intertwined fates of oligarchs and the Russian government underscore the delicate balance of power within the country.
Oligarch Western Assets and European Ventures
Unraveling the labyrinthine ownership of oligarchs’ assets poses a formidable challenge. Often, these properties are shielded by intricate legal structures, rendering them elusive targets for scrutiny. This practice extends beyond Russia’s borders; superyachts and assets are strategically held through opaque means. Legal authorities are left grappling with verifying ownership, as suspect Western assets are seized pending validation.
A Glimpse into Oligarchs’ European Interests
Public records provide a glimpse into the vast network of assets that can be attributed to Russian oligarchs. This compendium of more than 80 assets serves as a mere introduction to the intricacy of their European investments. These holdings represent a complex tapestry woven across industries and geographies, hinting at the scale and scope of their influence on the European economic landscape.

Luxury Properties
Luxurious residences span across prestigious locations, encompassing the heart of London, serene mansions along the Côte d’Azur, charming villas nestled on Sardinia’s shores, and opulent homes gracing the landscapes of Germany, Switzerland, Croatia, and Monaco.
Sergey Chemezov, once a colleague of Putin’s during their KGB days, currently presides over Rostec, Russia’s largest state-owned defense conglomerate. Notably, Chemezov possesses a pair of opulent properties in Spain. One of these is a castle-esque villa tucked away in S’Agaró within Catalonia, while the other is a sprawling rural estate located in Estepona, Southern Spain.
In Italy, local authorities have seized a trio of properties on Sardinian soil, each entwined with the business magnates Alisher Usmanov and Petr O. Adeven, as well as television host Vladimir Soloviev. Meanwhile, Croatia bears witness to a 19th-century villa, an architectural marvel originally erected by Austrian Emperor Franz Joseph I. This splendid estate has been impounded due to its connections with the family of Nikolai Tokarev, who shared KGB affiliations with Putin. Interestingly, as of now, no comparable actions have been declared within the United Kingdom, despite the presence of individuals on the aforementioned list who boast ownership of 11 lavish mansions scattered across London and other regions of the country.

Hefty investments: Western Assets
The group of 40 identified oligarchs exhibits business involvement across no fewer than 13 companies with connections to Europe. Notably, the ownership of Chelsea Football Club stands out as a prominent example, with its proprietor Roman Abramovich currently exploring the prospect of selling the club. Another notable instance involves LetterOne, an investment group headquartered in Luxembourg. This entity holds sway over the DIA supermarket chain and the Dutch telecommunications enterprise Veon. A noteworthy development is that four billionaires affiliated with Putin—Mikhail Fridman, Petr O. Aven, German Khan, and Alexei Kuzmichev—have made the decision to relinquish their leadership positions within these entities.
Grounded planes
Among the assets affected by the sanctions, three aircraft are owned by Usmanov, while Abramovich possesses three more. The limitations imposed on European airspace have severely constrained the options available to operate these planes. In a recent development, the Isle of Man, a British dependency renowned as a haven for elites seeking to minimize tax exposure on their private jets, has taken the step of deregistering a total of 18 aircraft linked to Russia. These aircraft are no longer permitted to operate within the airspace of the European Union or the United Kingdom.
In response to these sanctions, the proprietors of the targeted aircraft have resorted to alternative strategies. They are redirecting their focus towards destinations such as Seychelles and Dubai, which offer more favorable regulatory environments to safeguard their aviation assets.

Yachts and superyachts
Spain has undertaken the seizure of three vessels linked to Russian affiliations: one situated in Tarragona, another in Barcelona, and a third in Mallorca. These actions are based on suspicions that these vessels are owned by notable figures like Igor Sechin, the CEO of the state-owned oil giant Rosneft; Sergei Chemezov, the head of Rostec; and Alexander Mijeev, the director general of Rosoboronexport, a defense export company. Italy has similarly taken control of two vessels.
However, the process of confiscating these assets has proven intricate. Certain vessels have swiftly departed from ports that were once hospitable to their presence. For instance, the Eclipse, reportedly belonging to Abramovich, and the Sea Rhapsody, owned by banker Andrei Kostin, have both made rapid exits. Notably, the Sea Rhapsody, previously berthed in Barcelona, set sail for the Seychelles in mid-February.

Offshore firms: The Loophole
The roster of 40 oligarchs identified by this publication is interlinked with a network of 27 active offshore companies, as evidenced by public records. A study conducted in 2018 revealed that the offshore wealth of Russian citizens accounted for a staggering 85% of the collective earnings of all residents in Russia over the course of a year.
EL PAÍS has unveiled at least five such firms located in Cyprus, a jurisdiction with a longstanding reputation for sheltering the wealth of affluent Russians. With the announcement of sanctions, Alexei Mordashov expedited the sale of his one-third stake in the tourism behemoth TUI to an entity based in the British Virgin Islands—an enclave renowned for its extreme secrecy.
These intricate global networks present an avenue for individuals to maneuver around sanctions within the bounds of legality, due to the fact that offshore firms themselves are not inherently unlawful.
Oligarchs against the sanctions (and even against the conflict)
Numerous Russian oligarchs featured in this narrative, as categorized under the European Union and Open Sanctions frameworks, have openly expressed their opposition to the imposed sanctions. A considerable number among them have voiced their dissent concerning the ongoing conflict in Ukraine. Notably, Mordashov, who expedited the sale of his TUI shares, has conveyed his puzzlement about the efficacy of sanctions in contributing to a resolution of the conflict.
Fertilizer magnate Andrei Melnichenko has emphasized the urgency of peace, asserting, “We need peace urgently.” Meanwhile, Mikhail Fridman, originally of Ukrainian descent, has acknowledged his profound ties to both the Russian and Ukrainian people. He perceives the ongoing conflict as a grievous tragedy for both nations, vehemently asserting that warfare can never serve as a viable solution.