Ukraine urges EU to sanction Russian billionaires Lisin and Potanin after Usmanov, Fridman delisting

Vladyslav Vlasiuk, Ukrainian President Volodymyr Zelenskyy’s sanctions commissioner, told Politico that Lisin and Potanin control major steel and nickel businesses that benefit Russia’s war economy.

Lisin controls steelmaker NLMK, while Potanin controls mining giant Nornickel. According to Vlasiuk, placing the two businessmen under EU sanctions would effectively prevent their companies from trading in the bloc.

“Everyone is aware about these guys but avoiding any action against them,” Vlasiuk said.

Both billionaires have so far remained outside the EU sanctions list in part because of their companies’ economic importance in Europe.

NLMK operates steel-processing facilities in Belgium’s Wallonia region, as well as production sites in France, Italy and Denmark. Politico reported that Belgium has opposed adding Lisin to the sanctions list.

In Potanin’s case, European dependence on Russian nickel and palladium, particularly for the automotive industry, has helped keep him off the list, according to Politico.

A spokesperson for Lisin rejected the push, describing it as “unfair competition” and saying sanctions were being used to eliminate a competitor and harm the European economy. The spokesperson said neither Lisin nor NLMK cooperates with Russia’s military-industrial complex and that the company produces only civilian goods.

Potanin’s representatives did not immediately respond to Politico’s request for comment.

The EU agreed on Sept. 22 to extend individual sanctions against roughly 3,000 people and entities for another three years while removing Usmanov and Fridman from the list.