billionaires

UK sanctions 4 Russian steel and petrochemical tycoons

Reuters
UK sanctions 4 Russian steel and petrochemical tycoons

Evraz

Those sanctioned include Alexander Abramov and Alexander Frolov, who Britain describes as known associates of oligarch Roman Abramovich, himself sanctioned earlier

LONDON, United Kingdom – Britain has sanctioned four Russian steel and petrochemical business owners, including the former head of steel producer Evraz, the government said on Wednesday, November 2, its latest measures taken against Moscow over the war in Ukraine.

Those sanctioned include Alexander Abramov and Alexander Frolov, who Britain described as known associates of oligarch Roman Abramovich, himself sanctioned earlier this year.

Abramov has an estimated net worth of 4.1 billion pounds ($4.7 billion) and Frolov 1.7 billion pounds, the foreign office statement said. They were targeted for their involvement in the extractive, transport, and construction sectors, it added.

Frolov is the former chief executive officer of Evraz, which was also sanctioned by Britain for operating in sectors of “strategic significance to the government of Russia.”

“Today we are sanctioning an additional four oligarchs who rely on Putin for their positions of authority and in turn fund his military machine,” Foreign Secretary James Cleverly said.

“By targeting these individuals, we are ramping up the economic pressure on [Russian President Vladimir] Putin and will continue to do so until Ukraine prevails.”

The sanctions implemented include travel bans, asset freezes, and transport sanctions, the foreign office said.

The British government, which has been led by three prime ministers this year, has been consistent in its stance on the war, having imposed sanctions on hundreds of Russian individuals and entities since Moscow sent troops into Ukraine on February 24.

On a call with Ukrainian President Volodymyr Zelenskiy after taking office last week, Prime Minister Rishi Sunak promised him that the country’s support for Ukraine would be steadfast and “as strong as ever under his premiership.”

The government said it has also sanctioned Airat Shaimiev, who has an estimated net worth of 902 million pounds, and Albert Shigabutdinov, with an estimated net worth of 977 million pounds.

Shigabutdinov controlled roughly 96% of chemical and petrochemical processing in the Tatarstan region of Russia, including the production of crude oil, the statement said. – Rappler.com

$1 = 0.8693 pounds

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