Anastasia Gorbacheva10:00, 23.12.24

It is noted that the Russians found loopholes in the restrictions.

A number of Russian oligarchs continue to earn money in Europe despite restrictions. Sanctions legislation has a loophole that allows them to finance the Russian Federation’s military machine.

The Insider reports that sanctions against Vladimir Putin’s oligarchs do not apply to their companies if their stake is less than 50%, or all sanctioned owners of the company must own 50% of the shares. In this regard, many Russian oligarchs simply transfer part of the shares to relatives or proxy persons with the right to buy them out.

This is what Oleg Deripaska, who is the main owner of the large aluminum producer Rusal, did. According to the publication, Deripaska maintains his PMC, which is fighting against Ukraine. At the same time, the oligarch’s fortune has increased by more than one and a half times since 2022 and amounts to $2.8 billion.

Viktor Vekselberg, who is the second largest shareholder of Rusal, remains unpunished, although he openly meets with Putin, and his companies are involved in the production of missiles used to strike Ukraine.

For his part, Alisher Usmanov registered his company’s shares in the name of nominees with the right to buy back. Thus, he reduced his stake in USM to 49%, so the personal sanctions against the oligarch did not affect the holding.

USM includes Metalloinvest, the largest iron ore company in the Russian Federation, which exports its products to European countries. Usmanov’s partner in Metalloinvest is State Duma deputy from United Russia Andrei Skoch, who is also under sanctions, and the business is registered in the name of his father Vladimir and daughter Varvara.

As of February 24, 2022, the fortunes of Usmanov and the Skocha family have increased to $13.4 billion and $6.7 billion, respectively. Thus, in two years they have become richer by almost $4 billion.

In addition, United Russia member Andrei Guryev and his partner Vladimir Litvinenko, who is said to be the author of Putin’s dissertation, continue to earn money in Europe. The Guryev family owns 48.5% of the largest phosphate fertilizer producer in Russia, Phosagro.

Litvinenko transferred more than 20% of Phosagro shares to his wife Tatyana in 2022, allowing the company to freely export products to Europe. His fortune has doubled since 2022, to $3 billion.

Andriy Melnychenko also supplies fertilizers to Europe through his company Eurochem, but to do so he reduced his stake in the company.

Roman Abramovich did not stay away. The large metallurgical and mining company “Evraz” supplies products to France and the Czech Republic, but 28.64% of the shares belong to the oligarch. In addition, he is a minority shareholder of the company “Norilsk Nickel”, which not only exports its products, but also owns production in Europe.

Gennady Timchenko, who is called Putin’s “wallet”, owns shares in Novatek – 23.49% and Sibur – 17%. The main owner of the companies, Leonid Mikhelson, is not subject to EU sanctions, so the restrictions do not apply to these companies.

(c)UNIAN 2024