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No Palace Coup in Store for Russia

Published: August 5, 2014 (Issue # 1822)



  • Western sanctions targeted government officials, mostly Putin's former colleagues from the security services, heads of key state companies and some of Putin's mouthpieces in the Duma and on the Federation Council.
    Photo: Kishjar / Flickr

When the U.S. government announced its first round of sanctions against President Vladimir Putin's friends over the Ukraine conflict in May, it made no bones about their aim: Increase the cost for them of Putin continuing his course and they will influence him to back off or, ultimately, throw him under the bus.

The sanctions quickly began to hit some where it hurts. Billionaire Gennady Timchenko, whom the U.S. Treasury Department has described as someone whose "activities in the energy sector have been closely linked to Putin," found that his wife was unable to pay for her back surgery in Switzerland in May when all his credit cards were suddenly blocked.

Timchenko, 61, has been friends with Putin for more than 20 years, and his labrador Romi is a daughter of Putin's favorite labrador Koni, he said in a rare and outspoken interview with ITAR-Tass published Monday.

In the interview, Timchenko said that business elites would not turn on Putin over sanctions and that he would be willing to give up all of his assets, estimated by Forbes in 2014 to stand at $14.3 billion, to the state "even tomorrow."

"We have encountered certain difficulties because of sanctions, but they are negligible when compared with the country's goals," he said, ruling out any expectation that he, along with other Putin's longtime friends Yury Kovalchuk, Arkady and Boris Rotenberg, who were also sanctioned, will pressure Putin to change course.

"It is naive to think that with such methods anyone will scare us or force us to retreat," he said, apparently admitting that there is a cohesive group surrounding Putin.

Putin's Elite, Tamed and Loyal

The people who have had sanctions slapped on them constitute a particular group of the president's longtime friends whose wealth has increased exponentially since Putin came to power at the end of 1999.

For instance, Kovalchuk, the largest single shareholder of Bank Rossiya, is described by the U.S. Treasury as "a close advisor to President Putin, [who] has been referred to as one of his 'cashiers.'"

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ALL ABOUT TOWN

Sunday, Dec. 21


The Zenit St. Petersburg basketball team returns to the northern capital this evening for a matchup with Krasny Oktyabr, a Volgograd-based basketball club. Tickets for the game, which tips off at 6 p.m. this evening, can be purchased on the club’s website or at their arena, Sibur Arena, on Krestovsky island.


Satisfy your sugar cravings during Sweet New Year, an ongoing seasonal festival at the Raduga shopping center. Each weekend of December will welcome hungry visitors to taste hundreds of different kinds of desserts. Workshops are open to visitors and seasonal gifts can also be purchased for those rushing to finish their New Year shopping.



Monday, Dec. 22


Pick out the latest fashions as holiday gifts for loved ones or as early presents for yourself during the Christmas Design Sale at Kraft on Obvodny Kanal, starting on Dec. 20 and continuing through Dec. 27. Designer clothes will be on sale every day of the week or you can buy something more festive to decorate the home while sipping on hot coffee and perusing the various master classes.



Tuesday, Dec. 23


Meet Arctic explorers Fedor Konukhov and Viktor Simonov during SPIBA’s and Capital Legal Service’s event “Arctic Expedition” this morning in the Mertens House business center at 21 Nevsky Prospekt. The meeting will discuss the explorers’ ongoing eco-social project and how companies can use the project as a unique marketing opportunity. Email office@spiba.ru by Dec. 22 if you wish to attend.



Wednesday, Dec. 24


The Anglican Church of St. Petersburg we will be holding a Christmas Eve service at 7 p.m. led by Rev Wm. Shepley Curtis of the Episcopal Church. The service will be held at the Swedish Church at 1/3 Malaya Konyushennaya Ulitsa.



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