UK sanctions four Russian steel and petrochemical tycoons

They include oligarchs Alexander Abramov and Alexander Frolov, who are known to be business associates of Roman Abramovich and previously owned major stakes in Russian steel manufacturer Evraz

The UK has sanctioned four Russian steel and petrochemical tycoons as part of the government’s measures taken against Moscow over the war in Ukraine.

They include oligarchs Alexander Abramov and Alexander Frolov, who are known to be business associates of Roman Abramovich and previously owned major stakes in Russian steel manufacturer Evraz.

The pair are thought to have an estimated global net worth of £4.1 billion and £1.7 billion respectively and are reported to have UK property investments worth an estimated £100 million.

The UK has also sanctioned Airat Shaimiev – who has an estimated global net worth of £902 million – and Albert Singabutdinov with a global net worth of £977 million.

The AO TAIF group, for which Mr Shigabutdinov is the General Director and Chief Executive Officer, controls an estimated 96% of chemical and petrochemical processing in the Tatarstan region of Russia, including the production of crude oil.

They are also known as one of the world’s largest producers of synthetic rubber and a major producer of plastics.

Mr Shaimiev is the CEO of state-owned transport and construction company OAO Tatavtodor.

All four have been targeted for their involvement in the extractive, transport and construction sectors and enabled Vladimir Putin to mobilise Russian industries to support his military effort.

Foreign Secretary James Cleverly said: “Putin continues to rely on his cabal of selected elite to maintain control of his industrial complex and fuel his illegal invasion of Ukraine. Today we are sanctioning an additional four oligarchs who rely on Putin for their positions of authority and in turn fund his military machine.

“By targeting these individuals, we are ramping up the economic pressure on Putin and will continue to do so until Ukraine prevails.”

The UK has sanctioned more than 1,200 individuals and 120 entities, including more than 120 oligarchs with a net worth of £140 billion.

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