Contents tagged with Russian oligarchs

  • Switzerland freezes bank accounts of Russian oligarch Vekselberg after US sanctions are imposed

    Swiss banks have decided to freeze the personal bank accounts of Russian billionaire Viktor Vekselberg due to US sanctions, Forbes Russia reports. The journal cited sources close to Renova group, the Russian businessman’s primary asset.

    According to Forbes, approximately one billion Swiss francs (1.01 billion dollars) have been frozen in Vekselberg's Swiss accounts. The oligarch’s lawyers are already trying to appeal this decision and obtain compensation for the freeze, but experts interviewed …

  • Russia pays off $1 billion of oligarch Vekselberg’s debt

    The Russian oligarch Viktor Vekselberg, who has recently been placed under sanctions, has paid off his loans to western banks using financial assistance from the government.

    Vekselberg’s Renova Group repaid $1 billion to a consortium of European, Swiss and American banks, including JPMorgan, Credit Suisse, and UBS.

    The loans needed to be repaid in a hurry. The US Treasury Department, which recently blacklisted Vekselberg and all of his companies, demanded that all deals be broken off by June 5 …

  • Russia to start printing money to assist billionaires under sanctions

    The Russian government has already given assistance to sanctioned billionaire Viktor Vekselberg’s Renova Group, and is currently working on financial support measures for Oleg Deripaska’s companies, including Rusal and the GAZ group, as announced on Monday by Russia’s acting  Finance Minister Anton Siluanov.

    Vekselberg, who asked the government for a total of $5.7 billion, was given assistance last week, Siluanov noted.

    “I simply would not like to talk about amounts,” Siluanov responded when …

  • Russian oligarchs hire US lobbyists to protect themselves from sanctions

    Russian billionaires Alexander Skorobogatko and Alexander Ponomarenko have hired professional lobbyists in the US after they were included in the US Department of Treasury’s “Kremlin list” this past January. A corresponding notice from the lobby firm Qorvis MSLGROUP appeared last week in a special US Senate database.

    The services that the company will provide to the Russian businessmen are rather abstract: "business interests [on behalf of Skorobogatko and Ponomarenko] and relations with the …

  • Russia intends to create offshore zones to help oligarchs under sanctions

    Russian authorities are discussing a project to create special offshore zones to support businessmen who fell under US sanctions, reported Vedomosti newspaper.

    Vedomosti’s sources say that offshore zones could be establoished on Oktyabrsk Island in Kaliningrad and on Russky Island in the Far East. The draft bill was developed by the Ministry of Economic Development and it is now under peer review by the relevant departments. The Ministry plans for its adoption during the spring session.

    As …

  • Russian oligarchs lose $12 billion in a day due to US sanctions

    The share prices of the largest Russian companies and the ruble exchange rate have plummeted due to US sanctions, Meduza news outlet reports.

    Oleg Deripaska is among those to have suffered the greatest losses. The value of his companies crashed immediately after it was announced that they were under sanctions.

    Rusal dropped by 50% on the Hong Kong Exchange and 25% on the Moscow Exchange. The company even issued a warning concerning possible technical default due to sanctions. Trades of En + …

  • Putin's Press Secretary Peskov: There are no oligarchs in Russia

    Press Secretary to the Russian President Dmitry Peskov said that the time when there were oligarchs in the country has passed.

    “We consider the phrase ‘Russian oligarch’ to be inappropriate. It has been a long time since there were oligarchs in Russia. There are no oligarchs in Russia,” he said.

    The representative of the Kremlin made this remark when a reporter asked him to comment on the fact that several oligarchs from Putin’s inner circle were invited to the U.S. for questioning.

    “You …

  • Joint media investigation reveals that Putin's friend Boris Rotenberg owns villas on the French Riviera

    Boris Rotenberg, a Russian businessman close to Russian President Vladimir Putin owns two villas in the commune of Èze in France. The villas have a total area of 1300 square meters. Rotenberg also owns another villa under construction. This was stated in a joint investigation of Novaya Gazeta, Le Monde and the Organized Crime and Corruption Reporting Project or OCCRP.

    Rotenberg filed his application to construct the first two villas in 2009. He planned to build a tennis court, a swimming pool …

  • Media: Kremlin considers establishing special bonds to allow Russian oligarchs to bring their wealth back to Russia

    A special refund mechanism for returning money back to Russia may be developed for businessmen who fear new sanctions.  The plan envisages special bonds in currencies with high yield.

    The idea was initiated on December 5th by a group of wealthy Russians who have assets abroad, Reuters reports. The newspaper cites anonymous sources in the state-owned companies and in the financial markets, one of whom describes the idea as absurd. The refunds would be issued in foreign currency bonds with …