Russia’s two richest men face first western sanctions in Canada

Vladimir Potanin and Leonid Mikhelson, Russia’s two richest people, were sanctioned by Canada, the first time they’ve been targeted by a Western government since Vladimir Putin’s invasion of Ukraine.

Canada also added billionaire Viktor Vekselberg, Kirill Shamalov, Dmitry Pumpyansky and Vadim Moshkovich to its sanctions list, according to the government’s website.

Potanin has a net worth of $28.9 billion and Mikhelson is worth $25.5 billion, according to the Bloomberg Billionaires Index. They have avoided sanctions from the US, UK and European Union partly because of their stakes in huge metals and energy companies, some experts say.

Potanin is president of MMC Norilsk Nickel PJSC, which accounts for about 40% of global palladium output and 10% of refined nickel, and has a stake in Russian company Petrovax Pharm.

Mikhelson is the CEO and shareholder of Novatek, the largest non-state-owned natural gas provider in Russia. He also holds a stake in petrochemical producer Sibur. 

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