03.Nov .2022 13:30

UK sanctions Russian steel and petrochemical tycoons funding Putin's war

UK sanctions Russian steel and petrochemical tycoons funding Putin's war
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The UK has sanctioned 4 oligarchs who have enabled Putin to mobilise Russian industries to support his military effort, an official statement published on the government's website reads.

Amongst those sanctioned today are Alexander Abramov and Alexander Frolov, who have been targeted for their involvement in the extractive, transport, and construction sectors.

The pair, known to be business associates of Roman Abramovich, previously owned major stakes in Russian steel manufacturer Evraz plc, are thought to have an estimated global net worth of £4.1 billion and £1.7 billion respectively, and are reported to have UK property investments worth an estimated £100 million.

"Putin continues to rely on his cabal of selected elite to maintain control of his industrial complex and fuel his illegal invasion of Ukraine. Today we are sanctioning an additional four oligarchs who rely on Putin for their positions of authority and in turn fund his military machine.

By targeting these individuals, we are ramping up the economic pressure on Putin and will continue to do so until Ukraine prevails," the Foreign Secretary James Cleverly said.

Also sanctioned are Airat Shaimiev, who has an estimated global net worth of £902 million, and Albert Shigabutdinov, who has an estimated global net worth of £977 million. Like Abramov and Frolov, they are both subject to travel bans, asset freezes and transport sanctions.

The AO TAIF group, for which Shigabutdinov is the General Director and Chief Executive Officer (CEO), controls an estimated 96% of chemical and petrochemical processing in the Tatarstan region of Russia, including the production of crude oil. They are also known as one of the world’s largest producers of synthetic rubber and a major producer of plastics.

Shaimiev is the CEO of state owned transport and construction company, OAO Tatavtodor.

Today’s designations expand upon the UK’s sanctions against oligarchs, targeting those who operate in the areas of strategic significance that prop up Putin’s industrial military machine.

The UK has sanctioned more than 1,200 individuals and 120 entities, including more than 120 oligarchs with a net worth of more than £140 billion.