Russian oligarchs are getting rich thanks to sanctions loopholes – World

Gennadiy Tymchenko, Alisher Usmanov and Oleg Deripaska receive billions in profits.

Billionaires close to Vladimir Putin continue to make money exporting goods to the West, using loopholes to circumvent sanctions.

This was reported by The Insider.

The system allows companies to operate on EU markets if the share of shares of sanctioned businessmen is less than 50%. Another option: if several co-owners are under sanctions, their total share should be half of the shares. Therefore, Russian oligarchs are reducing their shares in companies to avoid sanctions.

“As a result, the most odious oligarchs, such as Gennadiy Timchenko, Alisher Usmanov and Oleg Deripaska, receive billions of dollars in profits from trade with Europe,” the report says.

Yes, Oleg Deripaska reduced his stake in En+ and Rusal, which allows him to bypass sanctions….