Russia’s Two Richest Tycoons Face First Western Sanctions
Russia’s Two Richest Men Face First Western Sanctions in Canada
(Bloomberg) -- Vladimir Potanin and Leonid Mikhelson, Russia’s two richest people, were sanctioned by Western governments for the first time since Vladimir Putin’s invasion of Ukraine.
Canada added the two billionaires to its sanctions list, along with Viktor Vekselberg, Kirill Shamalov, Dmitry Pumpyansky and Vadim Moshkovich, according to the government’s website. The U.K. on Wednesday also sanctioned Mikhelson, as well as several other wealthy Russians.
Potanin, 61, has a net worth of $28.9 billion and Mikhelson, 66, is worth $25.5 billion, according to the Bloomberg Billionaires Index. They had avoided early rounds of sanctions partly because of their stakes in massive metals and energy companies, some experts say.
Governments are intensifying their pressure on the Kremlin as the country’s invasion of Ukraine drags on and amid allegations of atrocities by Russian forces. The U.S. on Wednesday imposed penalties on two of Russia’s largest banks, some large state-owned enterprises and Putin’s daughters, Mariya Putina and Katerina Tikhonova.
Potanin is president of MMC Norilsk Nickel PJSC, which accounts for about 40% of global palladium output and 10% of refined nickel, and has a stake in Russian company Petrovax Pharm.
Mikhelson is the chief executive officer and shareholder of Novatek, the largest non-state-owned natural gas provider in Russia. He also holds a stake in petrochemical producer Sibur.
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