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The first Russian oligarch was forced to return to Russia due to sanctions

The first Russian oligarch was forced to return to Russia due to sanctions

In Moscow, Chan oversees the Alfa Group’s Russian assets. She derives her livelihood from Russian companies: shares in the X5 group and the mobile phone company Wympiełcom.

In 2013, after the sale of TNK-BP to the state-owned oil company Rosneft, Khan, along with his partners Mikhail Friedman, Peter Owen and Alexei Kuzmichev, established the LetterOne investment fund in Luxembourg, which controls assets worth $27 billion.

All of Chan’s partners of LetterOne have also been sanctioned and have resigned from their board of directors. They still live abroad, but this comes with a lot of hardship: Friedman’s credit cards are frozen and Avene is struggling to make ends meet $140,000 in monthly expenses. Pounds or pounds for weight.

“Suddenly, the home they left to secure their belongings became one of the few places where their money was not in danger of being frozen or withdrawn,” Bloomberg wrote. The publication views this as a “victory for Vladimir Putin,” who tried to lure wealthy Russians with foreign connections by offering them tax breaks and a capital amnesty.

– To the Kremlin’s pleasure, the West played an important role in uniting both the local elite and the masses – says former Kremlin adviser and political scientist Gleb Pavovsky. According to him, the billionaires became “war party activists” under pressure from the West.

The Kremlin regularly contacts Russian billionaires in the West and suggests that they return home, the Financial Times wrote, citing two businessmen who received such calls. The newspaper quoted a businessman as saying: “Some people decide: do I really need everything? I will return to Moscow, where I can happily go to restaurants and feel comfortable.” According to him, Western sanctions are forcing Russian elites to rally around the Kremlin, even if they wish to distance themselves from Russian power.

See also  Ukraine. The Ukrainians demonstrated Russian bulletproof vests. "It's junk."

However, as Bloomberg points out, Russia’s state-dominated economy is stagnating with few investment opportunities. “They are as isolated as Putin,” said Brian O’Toole, an analyst at the Atlantic Council, of Russian billionaires.

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