September 10, 2022

A Bite from a Billionaire


A Bite from a Billionaire
Alexander Yevtushenkov. Wikimedia Commons, Dyor

Ukraine's High Court for Anti-Corruption ruled on September 1 that it would allow the Ukrainian government to confiscate the assets of Russian billionaire Alexander Yevtushenkov. This marks the first time that the Ukrainian state is taking control of capital controlled by Russian citizens within its borders.

The court ruled that Yevtushenkov's Ukrainian assets are up for grabs in light of sanction legislation put in place earlier this year, after Russia invaded. As a Russian oligarch with a good deal of influence in Moscow, Yevtushenkov has now found himself in the crosshairs of the Ukrainian government. He stands to lose 17 real estate projects and his shares in local businesses.

Yevtushenkov has already been sanctioned by Western nations like Australia and the UK. However, the precedent from this ruling is significant, as it could open the floodgates for confiscating the property of other Russian businessmen who have interests in Ukraine.

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