- Oligarchs Abramov and Frolov, known for owning a major stake in Russian steelmaker Evraz, have been sanctioned for their involvement in a sector significant to Putin’s military machine
- Shaimiev and Shigabutdinov, linked to major petrochemical company AO TAIF, were also sanctioned
- UK sanctions over 120 oligarchs with global net worth over £140bn
Britain today (Wednesday, November 2) sanctioned four oligarchs who enabled Putin to mobilize Russian industry to support his military efforts.
Those sanctioned today include Alexander Abramov and Alexander Frolov, who were targeted for their involvement in the extraction, transportation and construction industries.
The couple, believed to be Roman Abramovich’s business partners, previously owned a major stake in Russian steelmaker Evraz plc, with estimated global net worths of £4.1bn and £1.7bn respectively, and reportedly own UK real estate investments worth about £100 million.
Foreign Secretary James Cleverley said:
Putin continues to rely on his elite group to maintain control of his industrial parks and fuel his illegal invasion of Ukraine. Today, we are sanctioning four other oligarchs who rely on Putin to gain a position of authority to finance his military machine.
By targeting these people, we are increasing economic pressure on Putin and will continue to do so until Ukraine wins.
Also sanctioned today are Airat 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 shipping sanctions.
The AO TAIF Group, of which Shigabutdinov is managing director and CEO, controls about 96 percent 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 one of the leading producers of plastics.
Shaimiev is the CEO of OAO Tatavtodor, a state-owned transport and construction company.
Today’s designation expands Britain’s sanctions on oligarchs, targeting those operating in strategic areas that underpin Putin’s industrial-military machine.
The UK has sanctioned more than 1,200 individuals and 120 entities, including more than 120 oligarchs with a net worth of more than £140bn.
Alexander Grigoryevich Abramov is a former non-executive director of Evraz PLC. In this role, Abramov is involved in obtaining benefits from or supporting the Russian government by serving as a director of Evraz PLC, an entity that operates in sectors of strategic importance to the Russian government, namely the extractive industries, the transportation sector and the construction sector. According to reports, Abramov’s net worth is estimated at £4.1 billion. Abramov was subject to a travel ban, asset freeze and shipping sanctions.
Alexander Vladimirovich Frolov is a former director and former CEO of Evraz PLC. In this role, Frolov served as a director at Evraz PLC, where he was involved in obtaining benefits from or supporting the Russian government, an entity operating in sectors strategic to the Russian government, namely the extractive industries, the transportation sector and the construction sector. According to reports, Frolov’s net worth is estimated at £1.7 billion. Frolov is subject to travel bans, asset freezes and shipping sanctions.
Airat Mintimerovich Shaimiev is the CEO and board member of OAO Tatavtodor, a large state-owned transport and construction company engaged in road construction and services in Russia. In this role, Shaimiev served as CEO at OAO Tatavtodor, involved in obtaining benefits from or supporting the Russian government, an entity operating in sectors strategic to the Russian government, namely the transport sector, and the construction industry. According to reports, Shaimiev’s net worth is estimated at £902 million. Shamiyev was subject to a travel ban, asset freeze and shipping sanctions.
Albert Kashafovich Shigabutdinov is the Managing Director and Chief Executive Officer of the AO TAIF Group of Companies, which includes companies operating in Russia in the fields of energy, financial services and information, communication and digital technologies. In this role, Shigabutdinov served as CEO of AO TAIF Group of Companies involved in obtaining benefits from or supporting the Russian government, which operates in sectors of strategic importance to the Russian government, namely energy, financial services and information , communications and digital technology sectors. According to reports, Shigabutdinov’s net worth is estimated at £977 million. Shigabutdinov is subject to a travel ban, asset freeze and shipping sanctions.
An asset freeze prevents any UK citizen or any business in the UK from dealing with any funds or economic resources owned, held or controlled by a designated person. UK financial sanctions apply to everyone in UK territory and territorial waters and to all Britons wherever they are located. It also prevents the provision of funds or economic resources to or for the benefit of a designated person.
The travel ban means that a named person must be refused entry or stay in the UK, provided that person is excluded under section 8B of the Immigration Act 1971.
The recently introduced powers criminalise any Russian aircraft flying or landing 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 sanctioned individual is not on board. Russian ships have also been banned from British ports.