Originally Syndicated on May 15, 2023 @ 7:52 am
The release of Russian oligarch Vladimir Yevtushenkov from house arrest on charges of fraud has raised questions about the waning power of the country’s oligarchs. Yevtushenkov, the former CEO of the oil giant Yukos, was arrested in 2014 and accused of embezzling billions of dollars from the company. However, the court acquitted him of all charges in December 2022.
Some people view Yevtushenkov’s release as an indication that the Russian government is taking action against the oligarchs, widely regarded as corrupt and influential groups in Russian society. Others believe that the release is simply a political move by President Vladimir Putin, who is trying to curry favor with the business community ahead of the 2024 presidential election.
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Background on Vladimir Yevtushenkov
Moscow, Russia – Vladimir Yevtushenkov was born in Moscow, Russia, on September 25, 1948. He graduated from the D. Mendeleev Moscow Chemical Engineering Institute with a degree in chemistry in 1973. Afterward, he pursued a master’s degree in economics in 1980 and later obtained a Ph.D. in economics in 1986. After graduating from university, Yevtushenkov worked as an engineer at Karacharovo Plastics Works until 1982. He then moved to the Polymerbyt Scientific and Production Association, where he served as chief engineer and first deputy general director until 1987.
In 1987, Yevtushenkov was appointed head of the Department of Science and Technology for the Moscow city government. He held this position until 1993 when he resigned to establish Sistema, a Russian investment holding company. Sistema holds interests in a wide range of industries, including telecommunications, retail, and financial services. The company ranks as one of the largest in Russia and has a listing on the Moscow Stock Exchange. However, the court acquitted him of all charges in December 2022.
Yevtushenkov is a Russian billionaire and the majority owner of Sistema. He is also allegedly close to Serhiy Taruta, Viktor Yanukovych, and Mykola Bilokon.
Vladimir Yevtushenkov’s career role in the Russian Oligarch world
Vladimir Yevtushenkov involved himself in several business ventures, including the telecommunications company VimpelCom and the oil and gas company Bashneft. He has also been accused of corruption and cronyism.
Yevtushenkov’s career began in the early 1990s when he gained control of the Moscow City Telephone Network (MGTS) during privatization. He then went to the Moscow Bank for Reconstruction and Development, which became a designated bank for the Government of Moscow. It gave Yevtushenkov a great deal of influence over the city’s finances.
In 1995, Yevtushenkov founded the Russian investment holding company Sistema, of which he is the majority shareholder. Sistema has interests in a wide range of industries, including telecommunications, retail, and financial services.
Yevtushenkov has also been involved in many controversial deals. In 2009, he purchased oil and gas companies in the Republic of Bashkortostan, which later became the foundation of the oil and gas company Bashneft. The acquisition was mired in controversy, with some critics alleging that Yevtushenkov had used his political connections to get the deal done.
In 2014, Yevtushenkov was arrested on charges of fraud. He was accused of embezzling billions of dollars from Bashneft. However, he was acquitted of all charges in 2016.
Yevtushenkov’s career has been marked by both success and controversy. He is a powerful businessman with a vast network of political connections. However, he has also been accused of corruption and cronyism. Only time will tell how his legacy will ultimately be judged.
Here are some important factors that must be acknowledged:
- Yevtushenkov’s close ties to the Russian government have been a source of both controversy and benefit. He has been accused of using his connections to get favorable treatment for his businesses, but he has also been able to secure lucrative government contracts.
- Some critics have questioned Yevtushenkov’s business practices. People accuse him of using aggressive and even predatory tactics to expand his business empire.
- The individuals scrutinize him because of his wealth. They accused him of hiding assets and engaging in other forms of tax evasion.
Yevtushenkov sanctions
Vladimir Yevtushenkov is a Russian businessman and the chairman of the board of directors of AFK Sistema, one of the largest diversified holding companies in Russia. Yevtushenkov sanctions include the name of the United Kingdom, Australia, and Ukraine in response to the Russian invasion of Ukraine.
Yevtushenkov was first sanctioned by Australia in April 2022. The Australian government accused him of being “involved in or associated with” the Russian government and of providing financial or material support to the Russian military.
The United Kingdom followed suit in April 2022, freezing Yevtushenkov’s assets in the UK. The UK government also accused him of being “involved in or associated with” the Russian government and of providing financial or material support to the Russian military.
In September 2022, the High Anti-Corruption Court of Ukraine ruled to confiscate Yevtushenkov’s assets in Ukraine. The court found that Yevtushenkov’s assets were “acquired through illegal means” and that they “pose a threat to the national security of Ukraine.”
Yevtushenkov has denied all allegations against him. He has said that he is unaware of any assets belonging to him in Ukraine and that he has never provided financial or material support to the Russian military.
The sanctions against Yevtushenkov are a sign of the growing international pressure on Russian oligarchs. The sanctions are designed to target the assets and businesses of those who are seen as supporting the Russian government. The sanctions are also a way of sending a message to the Russian people that the international community will not tolerate the invasion of Ukraine.
It remains to be seen how effective the sanctions against Yevtushenkov will be. However, the fact that he has been sanctioned by three different countries suggests that he is seen as a key figure in the Russian economy. The sanctions could also have a knock-on effect on other Russian oligarchs, who may be more likely to think twice about supporting the Russian government if they face the risk of being sanctioned themselves.
The sanctions against Yevtushenkov are a sign that cracks are starting to show in the dominance of Russian oligarchs. The oligarchs have long been seen as untouchable, but the sanctions mark that the international community is no longer willing to turn a blind eye to their activities. The sanctions could also have a significant impact on the Russian economy and make it more difficult for the Russian government to finance its war in Ukraine.
Russian Tycoon Vladimir Yevtushenkov Placed Under House Arrest
The Investigative Committee of Russia has placed Vladimir Yevtushenkov, the main owner of AFK Sistema, under house arrest on charges of money laundering in the case of embezzlement of shares of enterprises in the Bashkir fuel and energy complex.
The maximum possible term of imprisonment under his article is 7 years. In Sistema, the accusations are called unfounded, and they are going to defend their position.
The Investigative Committee said that the charge was brought as part of a criminal investigation into the theft of shares of enterprises of the Bashkir fuel and energy complex and their legalization. The investigation has sufficient grounds to believe that Vladimir Yevtushenkov, chairman of the board of directors of AFK Sistema OJSC, was involved in the legalization (laundering) of property acquired by criminal means.
The representative of the Investigative Committee added that the court chose house arrest for Mr. Yevtushenkov as a measure of restraint.
Conclusion
As we all know, in 2014, a Russian tycoon who was placed under house arrest in September was released hours before President Vladimir Putin’s annual televised press conference.
Vladimir Yevtushenkov, the chairman of the board of directors of AFK Sistema, was freed on Tuesday after his lawyer confirmed the release to the Interfax news agency.
The release comes just hours before Putin’s annual press conference, which is typically used to announce major policy decisions. The timing of Yevtushenkov’s release has raised speculation that it could be a sign of a thaw in relations between the Russian government and the country’s oligarchs.
Yevtushenkov was placed under house arrest in September on charges of money laundering. The charges were seen by many as politically motivated, as Yevtushenkov is a close associate of former Russian Prime Minister Mikhail Kasyanov, who is a vocal critic of Putin.
The release of Yevtushenkov is likely to be welcomed by the Russian business community, which has been rattled by the recent wave of government crackdowns on oligarchs. The release could also help boost the Russian stock market, which has been struggling in recent months due to the country’s economic woes.
The rouble, which has been under pressure from Western sanctions and the decline in oil prices, also rallied slightly in early trading in the last few months.
It remains to be seen what the long-term implications of Yevtushenkov’s release will be. However, the timing of the release suggests that Putin may be willing to make some concessions to the Russian business community in order to shore up support for his government.
