Yacht, huge real estate properties, planes, works of art… Western sanctions imposed after the Russian invasion of Ukraine deprive wealthy Russians of their “luxury toys”.
With an effectiveness difficult to assess.
The high-profile asset freezes are hitting Russian oligarchs head-on, many of whom grew rich on the rubble of the Soviet Union and were brought to heel in two decades of Vladimir Putin's rule.
In the United Kingdom, more than 100 businessmen and women and their families have been sanctioned since the start of the invasion of Ukraine.
The United States has targeted 140, the European Union more than 30.
Change of course in London
According to the British Minister for Transport Grant Shapps, it is a question of hitting where it hurts by depriving the oligarchs, accused of putting their fortunes at the service of power while enjoying a Western way of life, "of their toys of luxury ".
In London, sometimes nicknamed "Londongrad" for hosting many Russians for years, "the welcome mat is now being removed", summarizes the weekly
The Economist.
Even Roman Abramovich has been targeted leading to the sale of London football club Chelsea which he bought in 2003.
Sanctions ad vitam aeternam?
But targeting such large numbers of people in a highly globalized economy remains "completely uncharted territory", notes researcher Alex Nice of the Institute for Government think tank.
This will create a "deep rift between the West and Russia" even after the war.
Independent Russian political analyst Konstantin Kalachev believes that Vladimir Putin's "special operation" in Ukraine could last "for years".
If the decision to lift the sanctions is based on the situation in Ukraine, the West "will never lift them".
“Absolute disaster” for Russian billionaires
Forbes
magazine
already removed 34 Russians from its list of billionaires last month, citing the effect of the sanctions.
“The war is an absolute disaster for them,” said Elisabeth Schimpfoessl, a sociologist at Astom University in Birmingham and author of a book called “Rich Russians”.
Petr Aven, known for his large collection of Russian works of art, told the
Financial Times
that he was not sure "if he had the right to have someone do the housework or drive him".
He now fears deportation from the UK.
Many oligarchs have several nationalities and are in no hurry to return to Russia.
Western countries represent a "base where they can go as soon as they fear prosecution in Russia", says Elisabeth Schimpfoessl.
Billions of euros seized
The scope of property subject to sanctions is immense.
According to the British government, Roman Abramovich alone weighs more than 9 billion pounds (10.5 billion euros).
EU member countries have reported freezing nearly $30 billion in Russian assets, including seven billion in yachts, helicopters, real estate or works of art.
The United States has sanctioned or blocked boats and planes belonging to relatives of the Kremlin for a value of more than a billion dollars.
Last week, at the request of Washington, police in Fiji seized a 106-meter-long yacht worth more than $300 million and linked to Suleiman Kerimov, a billionaire and lawmaker targeted by European and American sanctions. .
Difficult to publicly oppose Putin
According to Konstantin Kalachev, "using economic sanctions to try to force a change in foreign policy has not proven effective", even if the sanctions will "weaken Russia's ability to fight".
While Roman Abramovich participated in talks to end the conflict, other oligarchs openly criticized the war.
On Instagram, Oleg Tinkov, a banker sanctioned by London where he recently treated leukemia, for example criticized "this crazy war".
But experts say the oligarchs are unlikely to ally against Putin.
"It would not be in their interest to speak out publicly against Putin," said Elisabeth Schimpfoessl.
World
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Culture
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War in Ukraine
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