EU Drops Oligarch Term Russian Business people
In an adjustment to its language when imposing sanctions on Russian individuals and entities, the EU has opted to refrain from using the term “oligarch.” Instead, the “Official Journal of the EU” now employs the phrase “leading businessman.”
Shift in Sanction Rationale Language
The justification for implementing sanctions against Russian entrepreneurs no longer employs the term “oligarch” but rather refers to them as “leading businesspersons.” These alterations apply to approximately 140 individuals and 41 legal entities from the Russian Federation who have come under European sanctions.
Revision in Descriptions of Key Events
Furthermore, the term “oligarch” has been eliminated from most descriptions of the meeting that occurred on February 24, 2023, between President Vladimir Putin and representatives of prominent businesses. This change is particularly relevant because the presence of several businessmen at this meeting led to their inclusion in the EU sanctions list. The event formerly referred to as the “meeting of oligarchs in the Kremlin” is now described as the “meeting of leading businessmen in the Kremlin.”
Recent Sanctions Developments
In a recent decision, EU authorities removed three Russian businessmen from the sanctions list. Sanctions have been lifted for Grigory Berezkin, the head of the Unified Social Tax group, Alexander Shulgin, the former head of Ozon, and Farhad Akhmedov, the co-owner of Northgate. Additionally, sanctions were not extended for the late Colonel of the Russian Armed Forces, and Hero of Russia, Georgy Shuvaev.