Russian oligarch Fridman warns sanctions will not stop war

One of Russia's richest men has said imposing sanctions on oligarchs would have no impact on Moscow's decision to launch a war in Ukraine.

Billionaire banker Mikhail Fridman told a press conference in London the war was a tragedy for both sides.

But he stopped short of direct criticism, saying personal remarks could be a risk not just to himself but also staff and colleagues.

He joins another businessman, Oleg Deripaska, in calls for peace.

The two men are the most prominent oligarchs to speak out against Russia's invasion, now in its sixth day.

The UK also sanctioned Belarusian military chiefs on Tuesday for their role in "abetting" the Russian invasion of Ukraine.

The Foreign Office said the Belarusian military has "supported and enabled the Russian invasion of Ukraine" and has also sanctioned some of its state manufacturing firms.

The Belarus sanctions are on top of those already applied on Minsk by the UK since 2020 when over 100 people and organisations were targeted in response to the fraudulent elections in Belarus.

• What sanctions are being imposed on Russia?

Born in Ukraine before the break-up of the Soviet Union, Mr Fridman was the founder of Russia's biggest private bank, Alfa, and runs investment firm LetterOne which has extensive interests in oil and retailing.

The billionaire said the sanctions, which freeze some assets and impose a travel ban, were unjustified and he would fight them.

But he added the sanctions would, in any case, not have the desired effect of helping to rein in the Kremlin.

He said: "My parents always told me: you know, because you are a Jew, you could not be in this position or that position, in this university or this job.

"Now, I'm facing the same situation here in the West, because you are Russian."

'Sensitive issue'

On Monday, the European Union slapped sanctions on Mr Fridman, who lives in London, and long-time partner Pyotr Aven.

The EU statement described Mr Fridman as "a top Russian financier and enabler of Putin's inner circle".

Mr Fridman said the conflict in Ukraine should end as soon as possible, but avoided questions about outright condemnation of President Vladimir Putin's actions.

"Please, don't push me to comment," he said, adding it would be not just "my personal risk, but also a risk for my colleagues and staff".

He said his companies had tens of thousands of staff in Russia, Ukraine and the UK. "It's a very sensitive issue. We have a dozens of partners and I do not have a right to put all of them at risk."

Mr Deripaska, who founded one of Russia's largest industrial groups, has also pleaded for peace in a post on the messaging app Telegram.

Russian billionaire oligarchs do not give many press conferences.

In some Western circles, the mere sight of banker and industrialist Mikhail Fridman defending himself after being sanctioned by the EU, shows the strategy of squeezing Russia financially is having the desired impact.

Mr Fridman, who was born in Ukraine, said sanctions were having a drastic impact on the Russian economy, and called for an end to the conflict - but said he had no influence over the actions of President Putin.

The founder of Alfabank said when asked if there was a bank run in Russia, that there was huge pressure on the Russian currency the rouble. He said many Russians were going to banks to withdraw roubles to convert into dollars because of dramatic moves in value, to keep hard currency "under the mattress".

But he feels the EU is treating him unfairly and without due process, that he should be sent back to Russia, for having been born in the former Soviet Union. And tellingly, while wishing for the war to end, he said journalists could not expect him to criticize President Putin, given the risk to his staff in Russia and Ukraine.