Much has been made of the sanctions against Russia’s oligarchs. Forbes counts 25 Russian billionaires who have been sanctioned by the U.S., U.K. or EU; 11 of these billionaires were hit with sanctions prior to the Ukraine invasion, in response to Russia’s attack and subsequent annexation of Ukraine’s Crimean Peninsula in 2014.
Less discussed is the number of Russian oligarch billionaires who have not been sanctioned: 50, by Forbes’ estimate. These CEOs and large shareholders of Russian firms are virtually unknown in the U.S. and Europe, but all have gotten richer under Putin’s rule and, in turn, their power and wealth have been foundational to Putin’s kleptocracy and Russian inequality.
As for why some have been spared, the answer is complicated. Consider Vagit Alekperov, the founder of Lukoil, which produces 2% of the world’s oil. Seen as comparatively independent, Alekperov remains unsanctioned, likely because he is viewed by the West as a counterweight to state-owned Rosneft’s sanctioned boss, Igor Sechin. Less clear is why oligarchs like Leonid Mikhelson, whose partner Gennady Timchenko is a Putin pal (and was one of the first people sanctioned in 2014), have not been sanctioned.
Here is the complete list of the 50 unsanctioned Russian oligarch billionaires, with links to each oligarch’s estimated net worth and short bios. (Fourteen Russian oligarchs who were billionaires before the war, but whose fortunes have since plunged below $1 billion, are not included in this list).
For more information on sanctioned Russian oligarchs (as well as the most high-profile unsanctioned ones) , go to Forbes’ Ultimate Guide To Russian Billionaire Oligarchs.
