Monday, November 24, 2014
 
Follow sptimesonline on Facebook Follow sptimesonline on Twitter Follow sptimesonline on RSS Download APP
MOST READ



PARTNER NEWS



BLOGS



OPINION



WHERE TO GO?

19th Century Portraits

History of St. Petersburg Museum: Rumyantsev Mansion

 

Перевести на русский Перевести на русский Print this article Print this article

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.'"

Pages: [1] [2 ] [3 ] [4]






 


ALL ABOUT TOWN

Monday, Nov. 24


Dr. Axel Schulte, Department Head at Fraunhofer Institute for Material Flow and Logistics in Dortmund, Germany, is the featured speaker at the SPIBA Industrial Committee lecture on “The Fourth Industrial Revolution: Digitalization of the Supply Chain.” The event begins at 4 p.m. at the Graduate School of Management at 3 Volkohvsky Pereulok and registration is required by Nov. 21 either by emailing office@spiba.ru or calling 325 9091.



Tuesday, Nov. 25


Tag along with AmCham during their “Industrial St. Petersburg” Tour program today. This incarnation of the ongoing series will visit Philip Morris Izhora and include an Environmental Health and Safety Committee meeting.


Find out how to expand your business east during the “Business With China” forum beginning today and concluding tomorrow at the Lenexpo convention center. The largest Russian forum dedicated to business with the Asian giant, topics that will be discussed include logistics, customs clearance, trade financing and many more.



Times Talk