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Those with intimate knowledge of the Russian economy, however, think Putin’s net worth rivals those of the richest people in the world. He also owns three cars, a trailer, and an 800-square foot apartment, according to documents. The Kremlin’s official disclosures indicate that Putin earns $140,000 per year. The vast net worth of these cronies, who hide their wealth in offshore tax havens, suggests that Putin is far more richer than he is letting on. The president’s inner circle is comprised of oligarchs who are worth hundreds of millions of dollars. Putin doesn’t need to hold his assets in traditional institutions like banks or brokerage firms because the entire Russian economy - with its significant oil and natural gas stockpiles as well as its rich array of natural resources – is under his control. Sanctions on Russia could hit these Western-connected oligarchs hard That’s because Putin’s assets, which are believed to be most vast than any human in the world, are hidden from view. Putin’s spokesperson, Dmitry Peskov, has gone on record as saying that any sanctions leveled against his boss would be “politically destructive” to US-Russian ties, though not necessary “painful” for Putin personally. The US has placed sanctions on Russian banks, banning them from access to the American financial system. It also bans companies from engaging in any sort of transaction with those persons, whether it be banks, private schools, or other entities.
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Slapping sanctions on individuals entails preventing them from travel to and from certain jurisdictions. “Let me flag that the only leaders in the world that are sanctioned by the European Union are Assad from Syria, Lukashenko from Belarus and now Putin from Russia,” Borrell told a news conference after a meeting of EU foreign ministers to settle details of the bloc’s sanctions.īorrell added: “I can assure you that if you got major assets and all of a sudden you can’t get hold of them, it will cost you.”
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Putin has become an international pariah after ordering his troops to invade Russia’s neighbor to the west, Ukraine. Josep Borrell, the EU’s foreign policy chief, said that Putin and his top diplomat, Russian Foreign Minister Sergey Lavrov, were placed on a list of sanctioned individuals in response to the unfolding crisis in Ukraine. “Following a telephone conversation President Biden held with European Commission President Ursula von der Leyen and in alignment with the decision by our European allies, the United States will join them in sanctioning President Putin and Foreign Minister Lavrov and members of the Russian national security team,” White House press secretary Jen Psaki said on Friday.īut the practical implications of such a move, which is also reportedly being considered by the United Kingdom, are unclear for a variety of reasons. The Biden administration said it will follow in the footsteps of the European Union and impose sanctions against Russian President Vladimir Putin over his decision to send troops into Ukraine. New video shows Russian airstrike hit Ukraine mall as 21 remain missing Virgin Galactic’s Branson meets with Ukraine’s Zelensky Putin claps back at G7 leaders, says they’d look ‘disgusting’ topless ‘Crazy macho war’: Boris Johnson blames Ukraine war on Putin’s ‘toxic masculinity