The Rise and Fall: Oleg Deripaska’s Journey from Riches to Sanctions

Oleg Deripaska: Russian Oligarch and Billionaire

• Born on 2 January 1968, Deripaska is a Russian oligarch and billionaire.
• He enriched himself on privatized state-owned assets post-Soviet Union collapse.
• Founder of Basic Element and Volnoe Delo, Russia’s largest charitable foundation.
• President of En+ Group and headed United Company Rusal, the world’s second-largest aluminum company.
• Known for his victory in the “aluminium wars” in the 1990s.
• Founded Rusal in 2000, which merged with SUAL Group and Glencore International AG in 2007.
• Forbes estimated his wealth at $3.2 billion as of June 2022.
• He acquired Cypriot citizenship in 2017.
• Placed under U.S. sanctions in 2018 for the 2014 annexation of Crimea by Russia.
• Sanctioned by the British government over the 2022 Russian invasion of Ukraine.

List of the countries who imposed sanctions on Oleg Deripaska

Countries	Year of Sanctions
European Union	2018
United Kingdom	2018
United States	2018

Sanctions Imposed on Deripaska for his alleged involvement in human rights abuses and illegal actions in Ukraine .

The international community has taken a significant step to address the seriousness of Oleg Deripaska’s alleged involvement in human rights abuses and illegal actions in Ukraine by imposing Penalty on him. The well-known Russian businessman Deripaska has come under more scrutiny for his alleged violations of basic human rights principles, particularly in light of the current events in Ukraine.

Beyond simple denunciation, the sanctions imposed by numerous countries and international organizations seek to hold Deripaska responsible for his alleged involvement in actions that cause suffering to people and erode the rule of law. These sanctions include travel bans, asset freezes, and other punitive measures that highlight the commitment of all parties to hold those involved in these actions accountable.

This action not only responds to the particular accusations made against Deripaska, but it also affirms the international community’s position against violations of human rights and illicit activity. Through the imposition of sanctions, the international community emphasizes how crucial it is to respect fundamental rights and human dignity, independent of geopolitical factors.

These penalties are in line with the continuous initiatives to encourage responsibility, deter acts that incite violence, and cultivate a global community that upholds human rights. Sanctions against Deripaska are a reflection of a common commitment to justice, the rule of law, and international human rights protection.

Reason for Imposing sanctions

Beyond his position as a Russian oligarch, Oleg Deripaska has a significant impact because he controls the Russian Machines industrial conglomerate, which puts him in charge of important industries like the Military Industrial Company. As a significant supplier of weaponry and military hardware to the Russian armed forces, this subsidiary is crucial. Deripaska’s ownership of the Arzamas Machine-Building Plant, which produces the BTR-80 amphibious armored personnel carriers, is especially concerning. Notably, in 2022, Russia used these cars as part of its unprovoked military aggression against Ukraine.

The clear link between Deripaska’s possessions and the military equipment employed in the assault highlights the possible influence of his commercial endeavors on world affairs. His ownership of companies producing military hardware raises concerns about possible involvement in activities undermining Ukraine’s independence, sovereignty, and territorial integrity. His perceived role in promoting or carrying out policies harmful to Ukraine’s stability and security makes this connection a focus of attention for the international community, drawing scrutiny and possibly leading to the imposition of sanctions.

Summary

Oleg Vladimirovich Deripaska, a Russian billionaire, is known for his wealth and influence in the aluminum wars of the 1990s. He founded Basic Element and Volnoe Delo, and was president of En+ Group and headed United Company Rusal, the world’s second-largest aluminum company. Deripaska was once Russia’s richest man but lost a significant portion of his fortune during the 2007-08 financial crisis.

As of June 2022, Forbes estimated his wealth at $3.2 billion, making him the 920th richest person in the world. In 2017, Deripaska bought Cypriot citizenship and EU citizenship. He was placed under U.S. sanctions in 2018 for the 2014 annexation of Crimea by Russia and was one of seven oligarchs sanctioned by the British government over the 2022 Russian invasion of Ukraine.