The EU imposed the sanctions on the basis of a meeting in the Kremlin. On the day the war in Ukraine started, Putin invited 37 oligarchs. “This meeting was explicitly used as a reason for twelve oligarchs to be sanctioned,” Pinster says. “But eleven people who were there are not even on the sanctions list.”
Energy and metal
Most of the oligarchs that Europe still trades with are in the energy sector. Last year, for example, 40% more LNG was sold from Russia. “We have built up large stockpiles of LNG in Europe to fill gas storage facilities,” says Pinster. “Then you obviously won’t sanction the oligarch who plays a major role in this.”
“Another example is Vladimir Potanin,” he continues. “This man has a monopoly on palladium metal.” Palladium is important in the automotive industry and for this reason Potanin is not sanctioned. According to Pinster, he’s gotten even richer. “Several other parties have sold their assets in Russia to him.”
United Kingdom
Even if they’re not on this list, that doesn’t mean these oligarchs have their way. For example, the UK is stricter than the EU. “All but one are on the sanctions list,” says Pinster. This makes it more difficult for them to trade there.
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