UK imposes sanctions on Vladimir Potanin

The UK government imposed sanctions on Vladimir Potanin, Russia's richest man and the president of MMC Norilsk Nickel PJSC, in the latest escalation of economic measures against Moscow.

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Potanin, whose net worth is $37.1 billion according to the Bloomberg Billionaires IndexBloomberg Billionaires Index, has been largely unaffected by western sanctions that have been imposed on other members of the Russian elite. It wasn't clear whether the sanctions against Potanin would extend to Nornickel, which is one of the world's largest producers of nickel, palladium and copper. Potanin is the company's chief executive and owns over 30% through his investment company Interros. Both nickel and palladium prices went up on the news.

Potanin has bought some of Russia's key privately owned banks, including buying Rosbank PJSC from Societe Generale SA, since Russia s invasion of Ukraine.

In a press release, the Foreign and Commonwealth Development Office said Potanin continues to accumulate wealth as he supports Putin's regime, acquiring Rosbank and shares in Tinkoff Bank in the period since Russia's invasion of Ukraine. None ADT Is Betting On Google Can Drag It Into the Future?