Sanctions Against Oligarchs

Sanctions Against (Kirill Shamalov) Kirill Nikolaevich Shamalov 2022

Kirill Shamalov, Russia's youngest billionaire and son-in-law of President Vladimir Putin

Kirill Nikolaevich Shamalov is said to be Russia’s youngest billionaire and was previously married to Putin’s daughter Katarina.

Kirill Shamalov has been sanctioned by US, UK, European Union, Belgium, France, Switzerland, Japan, Ukraine, Canada, New Zealand and Australia.

US Sanctions Against Kirill Nikolaevich Shamalov in 2018

Kirill Shamalov was designated on April 6, 2018, for operating in the energy sector of the Russian Federation economy.  Shamalov married Putin’s daughter Katerina Tikhonova in February 2013 and his fortunes drastically improved following the marriage; within 18 months, he acquired a large portion of shares of Sibur, a Russia-based company involved in oil and gas exploration, production, processing, and refining. 

A year later, he was able to borrow more than one $1 billion through a loan from Gazprombank, a state-owned entity subject to sectoral sanctions pursuant to E.O. 13662.  That same year, long-time Putin associate Gennady Timchenko, who is himself designated pursuant to E.O. 13661, sold an additional 17 percent of Sibur’s shares to Shamalov.  Shortly thereafter, Kirill Shamalov joined the ranks of the billionaire elite around Putin. 

UK Sanctions Against Kirill Nikolaevich Shamalov in 2022

On 24 February 2022 , UK sanctioned Kirill Shamalov, Russia’s youngest billionaire and who was previously married to Putin’s daughter Katarina. He will be unable to travel to the UK and any UK-based assets will be frozen.

The sanctions measures cover:

  • asset freezes against all Russian financial institutions
  • measures to prevent Russian companies from issuing transferable securities and money market instruments in the UK. This will form a sweeping addition to existing financial restrictions. This is in addition to the prohibition of the Russian state raising sovereign debt in the UK already announced
  • a power to prevent designated banks from accessing Sterling and clearing payments through the UK. This will match the power the US already has. Banks subject to this measure will be unable to process any payments through the UK or have access to UK financial markets
  • new restrictions to cut off wealthy Russians’ access to UK banks including £50,000 limits on bank accounts
  • a set of measures to strengthen significantly our trade restrictions against Russia. This will include a prohibition against the export of a range of high-end and critical technical equipment and components in sectors including electronics, telecommunications, and aerospace
  • the previously announced extension of financial and trade measures applying to Crimea to the DNR and LNR regions
  • any General Licences related to sanctions against VTB will be published on OFSI’s pages.

EU Sanctions Against Kirill Shamalov in 2022

On 8 April 2022, the 27-nation bloc-imposed sanctions against Russia. They sanctioned Kirill with the reasons ” Kirill Nikolayevich Shamalov is Deputy Chairman of the Management Board of Sibur
Holding PJSC, the largest integrated petrochemicals company in Russia. He is therefore a leading businessperson involved in economic sectors providing a substantial source of revenue to the Government of the Russian Federation, which is responsible for the annexation of Crimea and the destabilization of Ukraine. “

. The most significant of the existing and proposed measures include:

  • A ban on all transactions with the Russian central bank and freezing its assets
  • Shutting down EU airspace to all Russian planes, including the private jets of oligarchs
  • Banning Russian state-owned media companies Russia Today and Sputnik
  • Excluding major Russian banks from the SWIFT international payments system
  • Sanctioning some of Russia’s wealthiest tycoons as well as top officials in state companies and media
  • Stopping exports from Belarus of products from mineral fuels to tobacco, wood and timber, cement, iron and steel
  • Sanctioning those Belarusians helping the Russian war effort
  • Stopping financial inflows from Russia into the EU by imposing limits on bank deposits and barring Russians from investing in EU securities
  • In lockstep with the U.S., introducing export controls on dual-use and high-tech goods, with a particular focus on electronics, computers, telecom and information security, sensors and lasers and marine applications
  • Baning exports of aircraft, aircraft parts and related equipment, as well as a ban on the sale of equipment and technology needed to update Russian oil refineries to modern environmental standards

More Sanctions Against Kirill Nikolaevich Shamalov

Kirill Shamalov has also been sanctioned by Belgium, France, Switzerland, Japan, Ukraine, Canada, New Zealand and Australia.

FAQs about Kirill Shamalov:

Who is Kirill Shamalov?

Kirill Shamalov is a Russian businessman who was once married to Katerina Tikhonova, the daughter of Russian President Vladimir Putin. He is the son of Nikolai Shamalov, a close confidante of Putin and co-owner of Rossiya Bank.

How did Kirill Shamalov make his money?

Shamalov made his fortune through a variety of business ventures, including stakes in petrochemical companies Sibur and Yamal LNG. He also benefited from close ties to Putin, which helped him secure lucrative deals and preferential treatment.

What is Kirill Shamalov’s net worth?

At his peak, Shamalov’s net worth was estimated to be around $2 billion. However, he has since lost much of his wealth due to sanctions imposed on him by the United States and the European Union in response to Russia’s annexation of Crimea and its involvement in the conflict in eastern Ukraine.

What is Kirill Shamalov’s relationship with Vladimir Putin?

Shamalov was once considered to be part of Putin’s inner circle. However, the two men reportedly fell out in 2018, and Shamalov and Tikhonova divorced shortly thereafter.

Where is Kirill Shamalov now?

Shamalov is believed to be living in Russia. He is no longer involved in any major business ventures and has largely faded from public view.

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