Billionaire Russian Oligarch Says He Doesn't Know How To Live Three Weeks After Being Hit With Sanctions
Billionaire Mikhail Fridman claims he doesn't know how to live after being hit hard by Western sanctions.
The Russian businessman, who currently lives in the UK, has a net worth of $10.1 billion (£7.7bn) and was sanctioned by the European Union on February 28 and the UK on March 15, reports Bloomberg.
The 57-year-old cofounded London investment firm LetterOne and was a former board member of Russian banking company Alfa-Bank.
He previously said that the EU sanctions are 'groundless and unfair', as per Reuters.
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However, Fridman has now told Bloomberg: 'I don't know how to live.
'I don't know. I really don't know.'
The businessman says he currently has an allowance of £2,500 ($3,300) per month and has to apply for a license to spend money.
As per Bloomberg, Fridman's wealth has dropped by £3.4 billion ($4 billion) since the invasion of Ukraine began.
He added: 'I’ve never been in any state company or state position.
'If the people who are in charge in the EU believe that because of sanctions, I could approach Mr Putin and tell him to stop the war, and it will work, then I’m afraid we’re all in big trouble.
'That means those who are making this decision understand nothing about how Russia works.
'And that’s dangerous for the future.'
Despite complaining about his problems, the billionaire admits that they are 'nothing compared with their [the Ukrainians'] problems'.
Fridman admits that he never predicted any of this to happen and also thought his relationship with the West was strong enough to avoid such sanctions.
'We sincerely believed we are such good friends of the Western world that we couldn't be punished,' he told Bloomberg.
Only a day after the EU sanctioned him, Fridman resigned from the Alfa-Bank board.
He also stepped down from the board of directors of LetterOne.
Russia's economy has been devastated by the sanctions as the Russian central bank’s $640 billion in reserves is frozen, along with the banning or limiting imports of Russian oil.
The country’s economy is expected to shrink 7% this year as a result of the sanctions.
If you would like to donate to the Red Cross Emergency Appeal, which will help provide food, medicines and basic medical supplies, shelter and water to those in Ukraine, click here for more information
Anish Vij