“When you’re talking about, say, a Russian oligarch, if Oleg Deripaska still has a 33% voting stake, would you vote against him?” said Eric Sohn, director at Dow Jones Risk & Compliance.
Transactions have multiplied in recent days as Russia’s richest sense a closing window. For some, it may be too late.
Roman Abramovich, the billionaire owner of Chelsea Football Club, said on March 2 that the storied sports franchise was up for sale. Yet a week later, the U.K. sanctioned him and six other Russians, leaving the team in limbo.
As for Mordashov, the major shareholder of one of Russia’s biggest steelmakers, he’s called the Ukraine conflict “a tragedy” and said he doesn’t understand why the EU imposed sanctions on him.
A spokesperson for Mordashov confirmed the recent share transfers, declining to comment further. He’s worth $19.6 billion, according to the Bloomberg Billionaires Index.
Russia’s ultra-wealthy have lost more than $90 billion in the fallout from the Ukraine invasion. With no letup in sight, wealthy and connected Russians are likely trying to protect and shield their interests as authorities’ targets get broader, Kharon’s Mendelsohn said.
“If they’re not listed now, they’re definitely anxious,” he said.
--With assistance from Andrew Davis.
This article was provided by Bloomberg News.