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- Abramov and Frolov, known for owning large stakes in Russian steelmaker Avraz, have been sanctioned for their involvement in sectors key to Putin’s military machine.
- Shaimiv and Shigabutdinov, who are both linked to the major petrochemical company AO TAIF, have also been sanctioned.
- The UK has sanctioned more than 120 oligarchs with a global net worth of over £140 billion.
The UK has today (Wednesday 2 November) sanctioned 4 oligarchs who have enabled Putin to mobilize Russian industry to support his military endeavours.
Among those sanctioned today are Alexander Abramov and Alexander Frolov, who have been targeted for their involvement in the extractive, transport and construction sectors.
The pair, known as Roman Abramovich’s Business Associates, previously own a large stake in Russian steelmaker Avraz plc, are believed to have an estimated global net worth of £4.1 billion and £1.7 billion respectively, and are reported to have UK property investments. Estimated cost £100 million.
Foreign Secretary James astutely said:
Putin relies on his handpicked cabal of elites to maintain control of his industrial complex and fuel his illegal invasion of Ukraine. Today we are sanctioning an additional four oligarchs who depend on Putin for their positions of power and in turn fund his military machine.
By targeting these individuals, we are increasing economic pressure on Putin and will continue to do so until Ukraine wins.
Also approved today are Arat Shaimiev, who has an estimated global net worth of £902 million, and Albert Shigabutdinov, who has an estimated global net worth of £977 million. Like Abramov and Frolov, they are both subject to travel bans, asset freezes and transport restrictions.
The AO TAIF Group, for which Shigabutdinov is General Director and Chief Executive Officer (CEO), controls an estimated 96% of chemical and petrochemical processing in Russia’s Tatarstan region, including crude oil production. They are also known as the world’s largest producer of synthetic rubber and a major producer of plastics.
Shaimiev is the CEO of OAO Tatavtodor, a state-owned transport and construction company.
Today’s positions expand on UK sanctions against oligarchs, targeting people working in strategically important sectors that drive Putin’s industrial military machine.
The UK has sanctioned more than 1200 individuals and 120 entities, including more than 120 oligarchs with a net worth of over £140 billion.
Background
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Alexander Grigorievich Abramov is a former non-executive director of Avraz plc. In this role, Abramov was involved in receiving or supporting benefits from the Russian government by acting as a director at Evraz plc, which does business in sectors of strategic importance to the Russian government, namely, the extractive sector, the transport sector and the construction sector. Abramov’s net worth is estimated to be £4.1 billion. Abramov is subject to travel bans, asset freezes and transport restrictions
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Alexander Vladimirovich Frolov is a former director and former CEO of Evraz plc. In this role, Frolov was involved in receiving or supporting benefits from the Russian government by acting as a director at Evraz plc, which does business in sectors of strategic importance to the Russian government, namely, the extractive sector, the transport sector and the construction sector. Frolov’s net worth is estimated to be £1.7 billion. Frolov is subject to travel bans, asset freezes and transport restrictions
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Airat Mintimerovich Shaimiev is the CEO and member of the board of directors of OAO Tatavtodor, a large state-owned transport and construction company engaged in the construction and servicing of public highways in Russia. In this role, Shaimiev was involved in receiving benefits from or supporting the Russian government in areas of strategic importance to the Russian government, namely, the transportation sector, and acting as CEO at OAO Tatavator. construction sector. Shaimiev’s net worth is reported to be an estimated £902 million. Shaimiev is subject to a travel ban, asset freeze and transport restrictions
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Albert Kashafovich Shigabutdinov is the General Director and CEO of the TAIF Group of Companies, which includes companies operating in the Russian energy, financial services and information, communication and digital technology sectors. In this role, Shigabutdinov was involved in receiving or supporting benefits from the Russian government by acting as CEO of the TAIF Group of companies, which do business in sectors of strategic importance to the Russian government, namely, energy. , financial services and information, communication and digital technology sectors. Shigabutdinov’s net worth is reported to be approximately £977 million. Shigabutdinov is subject to travel bans, asset freezes and transport restrictions
Asset freeze
An asset freeze prevents any UK citizen or any UK business from dealing with any funds or economic resources owned, held or controlled by a designated person. UK financial sanctions apply to all persons within UK territory and territorial seas and to all UK persons, wherever they are in the world. It also prevents funds or economic resources from being provided to or for the benefit of the designated person.
Travel ban
A travel ban means that a designated person must be refused leave to enter or remain in the United Kingdom if that person is an excluded person under section 8B of the Immigration Act 1971.
Transportation restrictions
Recently introduced powers make it a criminal offense for any Russian aircraft to fly or land in the UK and give the government the power to remove aircraft belonging to designated Russian individuals and entities from the UK aircraft register, even if the approved person is not on board. Russian ships are also banned from UK ports.
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