UK Prime Minister Boris Johnson imposed sanctions on three Russian billionaires and handful of Russian banks in response to Russia’s unilateral recognition of of the two Ukrainian breakaway regions in the east. These “very high net worth” individuals now face asset freezes, travel bans and trade restrictions.

They are Gennady Timchenko, Igor Rotenberg and Boris Rotenberg.

While the sanctions have been called “peashooters” in face of the Russian action in Ukraine, Russia’s super-wealthy have lost $32 billion in combined wealth this year.

Also read: Russia-Ukraine crisis drains billionaire wealth, Russia's super-rich lose $32 billion

Gennady Timchenko

Russian oligarch and billionaire Gennady Timchenko founded the Volga Group, investment firm, with significant interests in energy, transportation and construction. The former co-owner of Gunvor Group has a total net worth of $16 billion.

Timchenko also holds stakes in Novatek, Russia's second-largest natural gas producer, and Sibur, largest integrated petrochemicals company. He was also previously the co-owner of the Gunvor Group, but had to sell his stake in the company due to sanctions from the US, after Russia’s invasion of Crimea.

Also read: Explainer: How Western sanctions will target Russia

Timchenko is the son of a Soviet military officer and befriended Russian President Vladimir Putin in St Petersburg, then Leningrad, during the early 1990s, reported Bloomberg. Timchenko and Putin were part of the judo club that the former had formed.

Boris Rotenberg

The co-founder of the largest Russian gas-pipeline construction company Stroygazmontazh, Boris Rotenberg was one of Russia’s richest individuals, along with his brother Arkady Rotenberg. Boris would later sell his stake in Stroygazmontazh to his brother Arkady due to sanctions imposed in 2014. He also holds a stake in SMP Bank, which he co-founded with his brother, which is now being sanctioned by the UK.

Also read: Biden puts sanctions on Russian banks and elites as he says Ukraine invasion has begun

Boris is a trained judoka and became friends with Putin when training with him at an early age.

Igor Rotenberg

The nephew of Boris, and Arkady’s eldest son, Igor Rotenberg, holds a stake in Platon, a toll-system operator, and also in Gazprom Bureniye, a drilling company. Igor’s father was one of Putin’s early friends, all of whom were part of the wider judo group that Putin was associated with.

Also read: Ukraine crisis: World financial markets have not broken sweat since the Russian escalation-why?

(Edited by : Shoma Bhattacharjee)

First Published:Feb 23, 2022 6:01 PM IST