The latest measures are far more effective than Western powers’ past efforts to target Russia’s elite.
The United States, United Kingdom, and European Union had barely announced sanctions on overseas Russian wealth when the oligarchs began to whine and protest. That meant the policy—enacted after Russia invaded Ukraine—was working as intended, to punish Russia’s elites for supporting President Vladimir Putin. By last weekend in Moscow, the Russian-state-television host Vladimir Solovyev raged on camera over what the sanctions would mean for him personally: loss of access to his two luxury homes in Lake Como, Italy, near the villa of George Clooney.
Amid a broad suite of economic sanctions targeting the Russian financial system, which has driven the ruble’s value to record lows, Western powers also are significantly increasing their efforts to identify and freeze the assets of Putin’s business allies. And some of Russia’s best-known oligarchs—business figures who have built up huge fortunes, in most cases through their connections to the state—are now calling for an end to the war. By Sunday, the billionaire industrialist Oleg Deripaska and Mikhail Fridman, a founder of Russia’s largest private bank, both urged an end to Putin’s war. This was a startling break in ranks among the country’s elites. Deripaska is on the U.S. sanctions list; Fridman is on the EU’s. Even those who have not yet faced individual sanctions appear to be feeling pressure. Another billionaire businessman and close associate of Putin’s, Roman Abramovich, has put his British soccer club up for sale and vowed to donate the proceeds to “all victims of the war in Ukraine.” Over the weekend, Abramovich also accepted the Ukrainian government’s request for mediation help in peace talks with Russia. Oleg Tinkov, a banker and entrepreneur, frequently uses his Instagram account to post photos of things like his 253-foot yacht with mini submarine, but he told his 634,000 followers last week, “Innocent people are dying in Ukraine now, every day, this is unthinkable and unacceptable.”