It’s been more than six months since Russia’s invaded Ukraine, and the elite are running out of ideas on how to get out of the sanctions that have stifled their lifestyles and businesses.
According to a report by the Financial Times, Mikhail Fridman, and other Russian oligarchs have reached out to Ukraine to offer money in exchange for getting the sanctions lifted. The details of these alleged offers are unclear, and no other oligarch was named apart from Fridman.
What’s clear is Ukraine’s resolve. “Ukraine is not using sanctions as a bargaining tool. This is a matter of principle. The main goal of sanctions is to stop the war, not find some conditions to agree to lift them,” Rostyslav Shurma, deputy head of President Volodymyr Zelenskyy’s office, told the FT.
Although Fridman, who was born in Ukraine, was reportedly given the option to defect. The FT said that according to a source close to the Ukrainian President, Fridman’s offer will be accepted if he denounces Russian President Vladimir Putin, tears up his Russian passport, and becomes more critical of Russia’s invasion of Ukraine.
Oligarchs who’ve been hit by sanctions are reportedly being watched by the Kremlin, and are fearing punishment — if that’s what one would call getting poisoned, or falling out a window — if they speak openly against the war.
The oligarchs’ narrative is that because they hold no power over the Russian leader, there’s no purpose to them being sanctioned. The FT reported that one sanctioned oligarch said that the sanctioned elite are not close enough to Putin to have him overthrown.
The idea of offering money to Ukraine in exchange for having the sanctions lifted isn’t new. It first popped up at a G7 financial summit earlier in the year. According to a report by the Associated Press, Chrystia Freeland, Canadian Deputy Prime Minister and Finance Minister, proposed the idea.
What happened to the proposal is unclear. But, according to the FT, Zelenskyy “balked” at the notion, so it’s unlikely that it ever moved forward.
Information for this briefing was found via the Financial Times, Insider, and the Associated Press. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
