Newsweek

U.S. Sanctions on Russia Are Hurting Putin’s Oligarchs

Russia’s top business leaders saw their fortunes fall precipitously.
Oleg Deripaska attends a session during Week of Russian Business, organized by the Russian Union of Industrialists and Entrepreneurs, in Moscow on March 19, 2015.
Oleg Deripaska Source: REUTERS/Maxim Zmeyev

Updated | On January 26, during the World Economic Forum in Davos, Switzerland, Oleg Deripaska, a Russian aluminum tycoon with close links to his country’s government, threw a party at a luxury chalet. The champagne flowed, music pumped from the speakers, and the guests feasted on caviar. The night’s star performer was Enrique Iglesias, the famous pop singer. At some point, according to photos of the event, Deripaska, 50, took to the dance floor in an open-necked shirt.

Fast-forward three months, and Deripaska probably isn’t dancing. On April 6, the United States placed him on a sanctions list that included six other Kremlin-connected oligarchs, as well as numerous Russian officials and companies. The tough new sanctions prohibit American citizens from doing business with them and freeze any assets they have in the United States. Citizens of other countries who deal with the

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