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NewsUK sanctions Russia's second-richest man Vladimir Potanin who is...

UK sanctions Russia’s second-richest man Vladimir Potanin who is worth £13 billion

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UK sanctions Russia

Russia’s second-richest man, Vladimir Potanin has been included in the UK Government’s latest wave of sanctions over the invasion of Ukraine. 

 

The UK Government also placed sanctions on Anna Tsivileva, Vladimir Putin’s first cousin, who is president of coal mining company, JSC Kolmar Group.

 

Tsivileva’s husband Sergey Tsivilev is Governor of the coal-rich Kemerovo region and the couple have significantly benefitted from their relationship with Putin, according to a statement released by the Foreign Office.

 

The Foreign Office claimed, Potanin, with an estimated net worth of £13 billion, continues to amass wealth as he supports Putin’s regime, acquiring Rosbank, and shares in Tinkoff Bank in the period since Russia’s invasion of Ukraine.

 

A Government spokesperson said: “As long as Putin continues his abhorrent assault on Ukraine, we will use sanctions to weaken the Russian war machine. Today’s sanctions show that nothing and no one is off the table, including Putin’s inner circle.”

 

According to Forbes, following Russia’s attack on Ukraine, he stepped down from the board of the Guggenheim Museum foundation, on which he served for two decades.

 

In May 2021, the British Court of Appeal overturned a lower court decision and allowed Potanin’s ex-wife Natalia to bring her $6 billion divorce claim in London.

 

As a result of sanctions, the Foreign Office claimed Russian car production is also down by 60 per cent and Russia’s own Transport Minister has admitted that Russia’s logistical infrastructure is now “broken” as a result of sanctions.

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