Roman Abramovich added to the UK's sanctions list
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In response to Russian President Vladimir Putin launching a full-scale invasion of Ukraine more than two weeks ago, the West has imposed a number of economic sanctions against Russia. Many of these have been put directly against the country’s wealthiest individuals, commonly known as oligarchs, due to their close links with the Kremlin.
An oligarchy refers to a type of societal power structure where the ruling power lies within a small number of people, who are then known as oligarchs.
Today the term is mostly associated with Russia, although it can refer to anywhere in the world.
In an attempt to apply pressure against Putin and bring an end to Russia’s invasion, the UK and a number of its allies have placed sanctions over Russia’s oligarchs.
These individuals are among the richest in the world with their fortunes extending into the tens of billions.
Alisher Usmanov
Alisher Usmanov has an estimated $16.2 billion (£12.4 billion) net worth, which he secured from the metals and telecoms sectors.
The 68-year-old has been sanctioned by the US and European Union (EU), which has led to the seizure of his $600 million (£468 million) Dilbar superyacht in a Hamburg shipyard.
Premier League side Everton have also suspended their $15 million (£11.4 million) plus naming rights deal with Mr Usmanov’s holding company USM.
Roman Abramovich
Mr Abramovich was one of seven billionaires that were hit with fresh penalties by the British Government on Thursday.
As part of an asset freeze, the 55-year-old’s proposed sale of Chelsea Football Club was stalled, while the club has also been barred from selling merchandise or tickets.
According to Labour MP Chris Bryant, Mr Abramovich was trying to sell his 15-bedroom mansion in Kensington Palace Gardens to avoid sanctions. He originally bought the property for £90 million in 2011.
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Oleg Deripaska
Oleg Deripaska is a Russian industrialist who founded the aluminium giant Rusal. He’s now sanctioned by both the UK and US.
Alongside an asset freeze, Mr Deripaska will also face a prohibition on transactions with UK individuals and businesses and will have a travel ban forbidding him to enter the British Isles.
He owns an expensive property portfolio throughout the world totalling hundreds of millions.
Vladimir Potanin
Vladimir Potanin has an eye-watering net worth of $22 billion (£16.8 billion) and is the CEO of Norilsk Nickel.
Since the war in Ukraine began, he’s estimated to have ceded $4.5 billion (£3.4 billion) of his personal fortune which adds up to 15.2 percent.
Igor Sechin
As the CEO of Rosneft – Russian oil company – Igor Sechin is viewed as one of the most powerful people in Russia, and has been sanctioned by the US, EU and Britain.
French customs officers seized Mr Sechin’s 190-foot (58-metre) Amore Vero yacht worth $120 million (£92 million) as it was trying to flee a French Riviera port.
Alexey Mordashov
As the main shareholder and chairman of Severstal, Russia’s largest steel and mining company, Mr Mordashov is one of Moscow’s most powerful oligarchs.
Due to EU sanctions, Italian authorities seized Mr Mordashov’s Lady M yacht, moored in Imperia, and valued at 65 million euros (£55 million).
Gennady Timchenko
Gennady Timchenko founded and owns the private investment company Volga Group, and is regarded as one of President Putin’s closest allies.
He’s currently been sanctioned by the US and EU and has also seen Italian authorities seize his 50 million euro (£42million) yacht.
Mikhail Fridman
Mikhail Fridman has an estimated net worth of $12.3 billion (£9.4 billion) and is listed as part of the EU sanctions list.
He is a partner in the LetterOne Investment company which has seen a number of global banks announce they will be reviewing their relationship due to the war with Ukraine.
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