Russia’s President Vladimir Putin played hockey with Vladimir Potanin.

Putin ally Vladimir Potanin is reportedly snapping up Russian banks at a discount rate.
Western businesses fled the country en masse following Putin’s invasion of Ukraine.
Per Forbes, Potanin is said to be Russia’s richest man – worth just shy of $30 billion. 

Russia’s richest man has been snapping up domestic banks at a discount rate, after their Western owners ditched the country, reports say. 

The Russian economy has been in freefall since the invasion of Ukraine, after Western powers issued sanctions against a number of President Vladimir Putin’s closest allies, seizing and freezing their assets, and a host of leading businesses – from McDonald’s to Goldman Sachs – shut down operations in the country altogether. 

Metals tycoon Vladimir Potanin, a long-time Putin ally, has largely avoided Western sanctions, despite his close personal ties to the regime. Experts say Potanin, who has played ice hockey with Putin in the past, has largely remained off the West’s radar due to his personal importance to global metals markets. 

On Thursday, the Financial Times reported Potanin, who is said to be worth $30 billion, had been tapping into his estimated $30 billion fortune to obtain stakes in major Russian banks, which have seen their value dwindle after Western stakeholders abandoned the country. 

The billionaire’s Interros group is said to have acquired Rosbank after Société Générale (SocGen), a French bank that bought the business from Potanin in 2008, opted for a quick exit from Russia. Insider previously reported banks still operating in Russia were preparing to lose huge amounts of money for exiting. 

Potanin reportedly obtained Oleg Tinkov’s stake in TCS Group Holding, for which Tinkov, who said was forced to sell his stakes after he criticized the war, complained that Potanin paid only 3% of the actual …read more

Source:: Business Insider


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