Confiscation of Abramovich's assets: the rest of the Russian oligarchs should get ready

Ekaterina Maksimova

Boris Shmelev , chief researcher at the Institute of Economics of the Russian Academy of Sciences, is sure that this is only the beginning of a large process. And the threat of expropriation of foreign assets has been discussed for a long time. The president also warned the richest people in the country about this. Only Russian oligarchs, woven into global business chains, hoped to the last for the inviolability of Western justice.

“These were naive hopes not supported by political realities. In this struggle, which is now unfolding between Russia and the West, legal nuances, the legal basis on the part of the West in relation to Russia and Russian citizens fade into the background. Legal arrangements will be tailored and modified to political requirements. And it was clear to me personally for a long time that their property would be confiscated,” says Boris Shmelev.

In his opinion, a loud statement from Ottawa is "the first sign."

“I think that blows will now follow on other Russian oligarchs, and I believe that they will not be able to get away. Vekselberg, Deripaska... All the oligarchs who appear on the world agenda. And they will be hit. Who is first, who is second - it does not matter. The main thing is that the process has begun. This is a precedent, and then it will go, go. You have to be ready,” adds Shmelev.

Political scientist Alexander Khramchikhin also believes that Canada's actions are a direct political signal. And the expert believes that Abramovich will not be the only one on the hit list.

“In the West, there is a completely idiotic belief that the oligarchs have tremendous influence on the Kremlin and can force Putin to do something. It has nothing to do with reality. Fridman (Mikhail Fridman, Alfa Group consortium - ed.) has already said that this is an absurd belief of the West. The oligarchs cannot exert influence. But the West lives in its own world and according to its own ideas,” Khramchikhin said.

Boris Shmelev argues that Abramovich was the first target for various reasons. “I think this is due to the fact that Abramovich is seen in the West, firstly, as one of the largest oligarchs. Secondly, as a person who has large assets in the West. Thirdly, as a person who, according to the authors of the sanctions, is quite close to Putin. And since the attitude towards Putin is sharply negative, it extends to everyone who is close to him,” says Shmelev.

Experts have no doubt that Roman Abramovich will try to challenge the actions of the Canadian authorities, but this is unlikely to help him. The maximum he will achieve is to lose not all, but part of his assets.

“Both Russia in general, and the oligarchs who have fallen under sanctions, in particular, do not have the opportunity to stop this process. We have nothing to cover these actions with, there are no opportunities for counteractions. We will have to come to terms with this and postpone consideration of the issue for a distant historical perspective. Maybe someday it will be possible to replay it. Or maybe not. I think not. The next blow will be dealt to the assets of the state. Nothing good awaits us here. This should have been taken into account before getting into the boat,” concluded Boris Shmelev, Chief Researcher at the Institute of Economics of the Russian Academy of Sciences.

On the eve of the Ministry of Foreign Affairs of Canada announced the launch of a procedure for the confiscation of assets of the company Granite Capital Holdings, which, according to Ottawa, belongs to Roman Abramovich. Earlier, Abramovich was banned from entering Canada.

"Canadian Foreign Minister Mélanie Joly today announced that Canada will confiscate and intend to recover $26 million from Granite Capital Holdings Ltd., owned by Roman Abramovich," the ministry said in a statement. The Canadian Ministry of Foreign Affairs will become the plaintiff, the assets of the Russian billionaire will be recovered in favor of the crown. Canadian authorities note that this is a precedent for them.