On Wednesday, Britain issued penalties against oligarch Vladimir Potanin, who London characterised as the second-richest person in Russia and who has been purchasing assets from companies leaving Russia due to the invasion of Ukraine.
Russia’s ‘Nickel King,’ Potanin, was listed in Britain’s most recent round of sanctions lists along with other businesspeople, financial institutions, and other entities.
Since Russia invaded Ukraine in February, Britain and its Western allies have been implementing sanctions against Russian elites, banks, and critical sectors. In Ukraine, Russia claims to be engaged in a ‘special military operation.’
According to a British government official, ‘Today’s sanctions show that nothing and no one is off the table, including Putin’s inner circle.’
Potanin is one of the wealthiest persons in Russia, but the value of his 36 percent interest in Nornickel, the largest manufacturer of refined nickel and palladium in the world, determines a large portion of his net worth.
Since the invasion, Potanin has acquired TCS Group for a 35 percent interest and purchased Rosbank from Societe Generale when the French lender left the Russian market. His holding company Interros handled the transactions.
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