Andrey Melnichenko, one of Russia’s wealthiest individuals, has expressed his isolation in the United Arab Emirates (UAE) following his sanctions-induced exile from Russia. In a comprehensive interview with the Financial Times, he lamented the personal repercussions of Russia’s invasion of Ukraine and acknowledged the existence of “war crimes on both sides” in the conflict.
Melnichenko was subjected to sanctions in March of the previous year, subsequent to his attendance at a roundtable event hosted by Vladimir Putin, where Russian business figures were present. The coal and fertilizer magnate claimed to have learned of his sanctioning through news reports and emphasized his non-involvement in politics, stating, “I don’t produce weapons for war; I provide food for people and energy for power stations worldwide. I do not advocate for war.”
Melnichenko relocated his $300 million Motor Yacht A to the UAE in the previous year. However, his $578 million Sailing Yacht A was confiscated by Italian authorities shortly after he was subjected to sanctions.
Forbes reported that his net worth more than doubled to approximately $25 billion following the invasion of Ukraine and the subsequent sanctions on Russia, as fertilizer prices surged.
Sanctions have dramatically altered the lives of several influential Russian billionaires who previously spent significant time in Western countries. For instance, former Chelsea FC owner Roman Abramovich was compelled to sell the club and currently resides in Israel.
Oligarchs collectively saw their net worth decrease by $95 billion last year, according to an analysis by The Guardian based on Bloomberg Billionaires Index data.
Just last week, the FT revealed that tech billionaire Arkady Volozh had appealed sanctions imposed on him by the EU shortly after publicly criticizing the war. Similarly, Oleg Tinkov successfully had UK sanctions against him lifted after condemning Putin’s invasion of Ukraine and securing the support of British business magnate Richard Branson.