Oligarch Says Sanctions Are Useless As He Has No Sway Over Putin

Mikhail Fridman is the founder of Alfa Bank, the largest private bank in Russia and is worth an estimated $10.1 billion (£7.7bn).

He is one of more than 1,000 Russian individuals and entities who the UK Government has announced sanctions against since Ukraine was invaded.

Announcing Fridman as one of the newly sanctioned oligarchs last earlier this week, Foreign Secretary Liz Truss said: 'We are going further and faster than ever in hitting those closest to Putin – from major oligarchs, to his Prime Minister, and the propagandists who peddle his lies and disinformation.

'We are holding them to account for their complicity in Russia’s crimes in Ukraine.

'Working closely with our allies, we will keep increasing the pressure on Putin and cut off funding for the Russian war machine.'

Prior to the UK’s announcement Fridman had already been sanctioned by the European Union. 

However, Fridman has now given an interview in which he said the sanctions imposed on him will do little to help end the war as he isn’t in a position to influence President Putin. 

'If the people who are in charge in the EU believe that because of sanctions, I could approach Mr Putin and tell him to stop the war, and it will work, then I’m afraid we’re all in big trouble. 

'That means those who are making this decision understand nothing about how Russia works. And that’s dangerous for the future.'

He said he has never met Putin one-on-one, but admits he has met him in groups of business leaders.

Fridman said the UK sanctions meant he lost access to his last working bank card in the UK and must apply for a licence to spend money, and the government will then decide if the amount requested is ‘reasonable’ or not.

However, despite Fridman’s complaints, Adam Smith, a partner at the law firm Gibson, Dunn & Crutcher and a former senior US Department of the Treasury official who has previously advised on sanctions, explained to the publication that sanctions are an ‘indirect approach’ - designed to prompt the under-pressure oligarchs to put pressure on Putin.