Russia’s richest man who’s seen £24bn fortune rise despite Ukraine sanctions

Despite ongoing geopolitical tensions and Western sanctions targeting Russia’s elite in response to Vladimir Putin’s actions in Ukraine, the country’s billionaires continue to witness unprecedented growth in their fortunes.

According to a recent report by Economicheskaya Pravda, the wealth of Russia’s richest oligarchs collectively surged by a staggering $38.575 billion (£30.37 billion) in 2023, defying the intended impact of sanctions.

Leading the pack is Vladimir Potanin, a 62-year-old nickel magnate and a Putin-linked oligarch, who has been sanctioned by the UK.

Despite the measures taken against him, Potanin’s fortune has seen a remarkable rise of £1.7 billion since the beginning of the year, reaching an impressive £24.2 billion.

Potanin has recently made headlines for challenging a UK Supreme Court ruling that permitted his ex-wife, Natalia, to pursue a multi-billion divorce settlement case in London, potentially setting a new record in English legal history.

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Leonid Mikhelson, 68, a major shareholder of the Russian gas company Novatek, has registered a £2.13 billion increase in his wealth, bringing his total fortune to £21.5 billion.

Similarly, Vagit Alekperov, 73, founder of Lukoil, has defied UK and Australian sanctions, witnessing a £7.2 billion rise in his fortune, reaching £19.3 billion since the start of the year.

Lukoil, the company Alekperov founded, has faced mysterious deaths of four senior-level figures during the ongoing conflict in Ukraine.

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The Russian steel magnate Vladimir Lisin, 67, known for his ownership of a Scottish estate in Perthshire and facing sanctions from Australia, has experienced a £2.42 billion increase in his wealth, reaching a total of £18.03 billion.

Alisher Usmanov, 70, the former Arsenal shareholder and the 82nd richest man globally, has seen his fortune leap to £15.98 billion, marking a £1.47 billion rise. Despite being sanctioned by the UK, US, and EU, Usmanov, with close Kremlin ties, now resides in his native Uzbekistan and has amassed wealth through ventures in mining, metals, and mobile phones.

As the Ukrainian media points out the substantial growth in oligarch wealth during 2023, questions arise about the efficacy of Western sanctions in curbing the financial power of individuals associated with the Putin regime.

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