Born on May 17, 1964, Aleksandr Frolov (Russian: АлександрВладимирoвичОролов) served as the CEO of Evraz, a prominent steel manufacturer, from 2007 until 2021. With the consolidation of its coal subsidiaries under PJSC Raspadskaya in 2020, the firm has become the leading producer of coking coal in Russia since 2013.
UK adds Two Roman Abramovich ‘Business Associates’ To Russia Sanctions List
Two Russian oligarchs and business associates of Roman Abramovich, whose wealth was revealed by a Guardian investigation, have been added to the UK government’s sanctions list in response to the invasion of Ukraine. Alexander Abramov and Alexander Frolov, who were “known to be business associates” of the former Chelsea FC owner, were among four new Russian steel and petrochemical tycoons added to the list. This comes six months after the Guardian revealed the extent of Abramov and Frolov’s wealth, including offshore investments in a Caribbean island resort, plans to redevelop a Marylebone church, and a vast array of property in the UK and abroad.
Oligarchs Alexander Abramov and Alexander Frolov among four steel and petrochemical tycoons put on list
Russian oligarchs Abramovich and Folov have been sanctioned by the US for their alleged involvement in the illegal invasion of Ukraine. Abramovich, a steel baron with an estimated £4.1bn fortune, founded Evraz and oversaw its listing on the London Stock Exchange in 2005. He was awarded Russia’s Decoration For Beneficence in 2017, and was pictured with Vladimir Putin and the Russian defence minister, Sergei Shoigu, at the award ceremony.
Folov, a former director and former chief executive of Evraz, has a £1.7bn fortune. Both men were also named on the “Putin List” of 210 prominent Russians released by the US Treasury in 2018. The US Foreign Office is also investigating financial connections between the pair and Eugene Shvidler, another sanctioned oligarch. The sanctions are seen as a way to increase economic pressure on Putin and continue to do so until Ukraine prevails.
Details of Sanctions on Aleksandr Frolov
|Place of sanction
Grounds for imposing sanctions :
FROLOV is a former director and former CEO of Evraz plc. In this capacity, FROLOV was involved in benefiting or supporting the Russian government by serving as a director of a company doing business in sectors of strategic importance to the Russian government, namely the Russian mining, transportation and construction industries.
UK sanctions Russian steel and petrochemical tycoons funding Putin’s war
oligarchs Abramov and Frolov, known for owning major stakes in Russian steel manufacturer Evraz, have been sanctioned for their involvement in sectors of major significance to Putin’s military machine
Shaimiev and Shigabutdinov, who are both connected to major petrochemical company AO TAIF, have also been sanctioned
the UK has sanctioned more than 120 oligarchs with a global net worth of more than £140 billion
Transport Sanctions on Frolov
The government now has the authority to remove aircraft belonging to specific Russian individuals and businesses from the UK aircraft register, even if the sanctioned individual is not on board. These recently introduced powers also make it illegal for any Russian aircraft to land or fly in the UK. Moreover, Russian ships are not permitted in UK ports.
About Aleksandr Frolov :
- August 2021 saw Alexander Frolov step down as CEO of the global steel giant Evraz, in which he owns a nearly 10% share.
- He also left his position as a director of the board of Evraz in March 2022 in response to UK sanctions against his partner, Roman Abramovich. Beginning in November 2022, Frolov is subject to UK sanctions on his own.
- In 2006, he and his business partner Alexander Abramov sold Roman Abramovich, a multibillionaire, a 40% share in Evraz for a sum exceeding $3 billion.
- In addition, he has stock in Renaissance Insurance, Yandex, Ivi, and Norilsk Nickel.
- oligarchs Abramov and Frolov, who are well-known for controlling a sizable portion of the Russian steel producer Evraz, have faced sanctions due to their involvement in industries that are crucial to Putin’s military apparatus.
- Additionally sanctioned are Shaimiev and Shigabutdinov, who are both associated with the significant petrochemical business AO TAIF.
- More than 120 oligarchs worth more than £140 billion have been sanctioned by the UK.