Sanctions Against Oligarchs

Worldwide Outcry: Sanctions Hit Russian Tycoon Alexander Abramov

Alexander Abramov, a Russian businessman, was the Chairman of the Board of Directors of Evraz, a major Russian steel producer. Since 1998, he has amassed a massive steel and iron empire, employing 71,591 people worldwide and generating $14,1 billion in 2021. Abramov, a business partner and ally of Aleksandr Frolov and Roman Abramovich, was listed by Forbes with an estimated net worth of $8.0 billion in June 2021.

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.

Australia sanctions Russia steel magnate as Penny Wong reiterates support for Ukraine

Australia sanctions Russia steel magnate
Australia sanctions Russia steel magnate

Key Points:

  • Australia has imposed sanctioned Russian steel magnate Alexander Abramov.
  • A Penalty instrument was signed by Foreign Minister Penny Wong last week.

Australia has sanctioned the Russian co-founder of a steel and mining company, Alexander Abramov.

co-founder of Steel and mining Company
Co-founder of Steel and mining Company

The billionaire was initially listed as one of 67 Russian oligarchs sanctioned by Australia in April before he launched legal action against Foreign Minister Penny Wong, arguing the sanctions damaged his reputation.

A Penalty instrument was signed by Foreign Minister Penny Wong last week but listed on the legislation register on Wednesday morning.

Senator Wong has imposed Penalties on Ukraine following a meeting with Ukrainian counterpart Dmytro Kuleba. Kuleba requested additional military assistance from Australia, including more Bushmaster vehicles. Ukraine’s ambassador to Australia, Vasyl Myroshnychenko, requested up to 12 howitzers and ammunition. Senator Wong expressed Australia’s solidarity with Ukraine and admiration for the courage and sacrifice shown by Ukrainians.

Russian Oligarch Alexander Abramov and family hit by tailored sanctions from government

family hit by tailored sanctions from government
Family hit by tailored sanctions from government

 New Zealand has imposed Penalties on Russian Oligarch Abramov, affecting 51 oligarchs and 24 Russian-backed office holders in annexed areas of Ukraine.

The sanctions include a travel ban for Abramov and his family, a 35 percent tariff on Russian imports, and bans on trade of luxury goods like New Zealand wine and seafood, Russian vodka and caviar, and products like oil, gas, and related production equipment. Minister of Foreign Affairs Nanaia Mahuta and Minister of Trade and Export Growth Damien O’Connor emphasized the Penalty as a “tangible way to express Aotearoa New Zealand’s condemnation of Russia’s invasion and its recent attempts to illegally annex regions of Ukraine.” Abramov does not live in New Zealand and only has a small proportion of his wealth here.

The Evraz plc steel company he founded, which produces more than 25% of all Russian railway wheels and almost all of Russia’s rail lines, was also sanctioned. The intention of the sanctions is to exert pressure on Russia, not punish innocent New Zealanders. Mahuta said the Penalties were based on Abramov’s connections to the local economy and his potential influence to speak up and be heard.

Detail on sanctions on Alexander Abramov

DatePlace of Sanction
02.11.2022United Kingdom
12.10.2022New Zealand

Grounds for imposing sanctions

Abramov serves as chairman and has 29 percent of the shares in the British steel manufacturer Evraz, which provides steel for Russian tank manufacturing. As a result, he bears the responsibility for giving material and financial support as well as profiting from the Russian decision-makers who annex Crimea and destabilize Ukraine.

About Alexander Abramov:

  • Up until March 2022, Abramov served as chairman of Evraz, a steel business that also happens to be his largest holding. Following the imposition of UK fines on his partner, Roman Abramovich, he resigned.
  • In November 2022, Abramov faced sanctions from the UK. Since 2009, he has been subject to sanctions in New Zealand, where he owns property.
  • Prior to the fall of the Soviet Union, Abramov began his career as the director of a research facility.
  • He established a company that later became Evraz Holding in 1992 and became extremely wealthy by selling coal and metals from Siberia and the Urals.
  • He acquired crippled steel companies on the cheap following the 1998 Russian financial crisis, including two American enterprises, Oregon Steel and Claymont Steel.

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