Have you been wondering what life is like for Russian oligarchs whose assets have been frozen, toys are being seized, and their lives have been made uncomfortable for the first time in decades? Imagine the pain, trauma, and aggravation of quickly moving a $500 million yacht from a European port to somewhere like the Maldives? The horrors.
Bloomberg Businessweek writer Stephanie Baker tracked down Mikhail Fridman, a billionaire Russian billionaire, born in Ukraine, who has been in the crosshairs of sanctions by U.S. and European leaders.
He is called a “first wave oligarch,” meaning he made his fortune early, taking advantage of his relationship with Vladimir Putin to make billions in banking and energy. He now owns one of the biggest banks in Russia and is a part of a large telecom operator.
He’s been trying to lay low since the invasion began. He was in Moscow when it started and quickly returned to London, where he’s been staying since. He made a rare public statement saying “war can never be the answer,” a comment that could put him on Putin’s blocklist.
The story talks about how Fridman was pulled out of a meeting on February 29 by his attorney, who went through the laundry list of sanctions he was hit with, and what that meant for his life, including travel bans and frozen accounts. Fridman’s net worth has gone from $14 billion at the start of the war to $10 billion now, which has to sting a little bit. That net worth is only on paper, he has no access to cash or credit, and he must apply for a license to spend any money and hope the British government approves it.
Fridman made a good point, as he described how power works in Russia and claimed that punishing he and other oligarchs will do nothing to help slow down Putin.
“I’ve never been in any state company or state position. If the people who are in charge in the EU believe that because of sanctions, I could approach Mr. Putin and tell him to stop the war, and it will work, then I’m afraid we’re all in big trouble. That means those who are making this decision understand nothing about how Russia works. And that’s dangerous for the future.”
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