Thursday, July 31, 2014

A Look At The Russian Oligarchs Are Now Being Targeted By Sanctions

EU Blacklists Russian Oligarchs to Pressure Putin -- Bloomberg

Assets of Russian oligarchs Arkady Rotenberg and Yury Kovalchuk were frozen by the European Union in its effort to pressure President Vladimir Putin to stop supporting rebels in eastern Ukraine.

Rotenberg, who helps control SMP Bank and InvestCapitalBank OAO, and Kovalchuk, the biggest shareholder in OAO Bank Rossiya, were among eight people that the EU added yesterday to its blacklist of individuals and organizations being punished for the Ukrainian unrest. Three entities -- Russian National Commercial Bank, weapons maker Almaz-Antey and airline Dobrolet -- also were added, according to the EU’s Official Journal.

Read more ....

More News On Russian Oligarchs Being targeted For Sanctions

EU Places Sanctions on Russian Oligarchs -- WSJ
Putin's inner circle hit by EU sanctions -- The Telegraph
Russian Oligarchs Rotenberg, Kovalchuk Are Blacklisted by EU -- Bloomberg
EU blacklists three Putin 'cronies' -- EU Observer
EU Sanctions Should Affect Russian Oligarchs - Vice-Chancellor of Germany -- RIA Novsoti
Russian Oligarchs Are Tired of Funding Putin’s Land Grab -- David Francis, Fiscal Times
Why Are These Russia Sanctions Different From All Other Russia Sanctions? -- Joshua Keating, Slate

My Comment: So some of these oligarchs cannot go to their private estates on the French Riviera to vacation this summer .... no big deal for these guys .... they will just go somewhere else. But there will be an impact on the general Russian economy as sanctions start to dry up credit markets. This is going to hurt Russian economic growth .... especially in the energy and financial sectors.

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