Russian Billionaire Andrey Melnichenko Calls Himself a “Pariah” in the UAE Following Ukraine War
In an interview with the Financial Times, Andrey Melnichenko, one of Russia’s wealthiest individuals, expressed his frustration with being labeled a “pariah” in the United Arab Emirates (UAE) after fleeing there following his sanctioning. Melnichenko, who made his fortune in coal and fertilizers, lamented the impact of the Ukraine war on his personal life while acknowledging the presence of “war crimes from both sides” in the conflict.
Melnichenko was sanctioned in March of last year after participating in a roundtable with fellow Russian business figures, hosted by Vladimir Putin. He claimed to have only discovered the sanctions when he read about them in the news, stating, “I don’t make weapons for the war. I make food for people and energy for power stations all over the world. I don’t promote the war. I’m not involved in politics. What’s the point?”
As a result of the sanctions, Melnichenko relocated to the UAE, where he currently resides on his $300 million Motor Yacht A. Unfortunately, his $578 million Sailing Yacht A was seized by Italian authorities shortly after the sanctions were imposed. Despite the challenges he has faced, Melnichenko’s net worth has actually more than doubled to approximately $25 billion due to the invasion of Ukraine and subsequent sanctions on Russia, which caused a significant increase in fertilizer prices.
Melnichenko is not the only Russian billionaire to feel the impact of sanctions and the changing political climate. Former owner of Chelsea FC, Roman Abramovich, was forced to sell the club and now resides in Israel. Oligarchs collectively lost $95 billion from their net worth last year, as reported by The Guardian. Tech billionaire Arkady Volozh recently appealed sanctions imposed on him by the EU, and Oleg Tinkov successfully had sanctions against him lifted in the UK after criticizing Putin’s invasion and gaining the support of British business magnate Richard Branson.
The situation highlights how the Ukraine war and subsequent sanctions have significantly altered the lives and trajectories of influential billionaires who had previously spent much of their time in the West. As these individuals grapple with the consequences of their involvement and connections in Russia, their movements and wealth continue to face scrutiny and challenges.
Source: Business Insider