Potanin, whose net worth is $37.1 billion according to the Bloomberg Billionaires Index, has until now largely avoided western sanctions that have been imposed on other members of the Russian elite. He was sanctioned by Canada in April.
Since Russia’s invasion of Ukraine, Potanin has bought up some of Russia’s key privately owned banks, including buying Rosbank PJSC from Societe Generale SA. He also bought a stake in Tinkoff Bank from founder Oleg Tinkov, who said he was forced to sell after criticizing the war. In its updated sanctions list, the UK said Potanin “is obtaining a benefit from or supporting the Government of Russia by owning or controlling Rosbank.” It made no mention of Nornickel.UK government sanctions on individuals automatically extend to any company they own or control.