The lack of inclusion of the wealthiest man in Russia on any international sanctions list has begun to raise new questions about how thorough those bans are in who they target.
Vladimir Potanin is an ice hockey chum of Russian President Vladimir Putin, a major beneficiary of the fall of the Soviet Union and collector of various multi-million dollar yachts.
He is also estimated to be worth anywhere between $200 billion (in 2015) and $25 billion (in 2022, pre-Ukrainian invasion) and the majority shareholder and the chief executive of Nornickel.
Here's Why Vladimir Potanin Matters
Perhaps most importantly to international regulators, he is also one of the original "Big Seven" who cashed in Russia's natural resources by backing Boris Yeltsin in 1996 and built up billions in wealth under the then-young nation's "loans-for-shares" structure.
When the Soviet Union fell, Potanin was already the founder of Interros, a conglomerate that worked in everything from mining to real estate.
When the government did not — or could not — buy back its "shares" in the country's natural resources, Potantin walked away with quite literally the keys to the kingdom's richest veins of nickel, energy sources and palladium.
You may recognize those last two names because they are not only in high demand as the war chokes supply lines, but because they are heavily used in all kinds of manufacturing and tech products.
They've also become new favorites for meme stock traders, who are looking to broaden their portfolios as the market evolves.
So Why Hasn't Potantin Been Sanctioned?
Despite his many yachts and billions, so far, Potantin has avoided being included on any sanctions lists so far.
Though he is known to play hockey with Putin, how involved he is in Kremlin affairs has not been reported — and though likely closely watched by foreign intelligence services, has not yet warranted him a spot on any of the major banned rosters.
Potantin is also known for being a frequent and high-profile charitable benefactor of both the arts and general good works.
His art collection is rumored to have some of the most priceless masterpieces in the canon, and he was awarded the French Legion of Honor in 2017 for lending hundreds of works of art to the Pompidou Center.
The days of being warmly received by high society across the globe may be coming to an end, however, at least for now: Potanin stepped down from his spot on the board of New York's Solomon R. Guggenheim Foundation at the beginning of March.
Are the Sanctions Lists Targeting the Right Russians?
From the beginning of the issuing of sanctions, there have been outraged cries from many of those included that the list simply does not comprehensively target the real powers behind the Kremlin and Putin.
In a recent Bloomberg profile of Mikhail Fridman, a sanctioned Russian known as one of the nation's first oligarchs, that charge was once again examined.
Fridman said that while the sanctions list include Russian names, they don't seem to have any understanding of who is actually holding real power in the country — and could do more harm than good in squeezing the wrong people.
“I’ve never been in any state company or state position,” Fridman told the news service.
“If the people who are in charge in the EU believe that because of sanctions, I could approach Mr. Putin and tell him to stop the war, and it will work, then I’m afraid we’re all in big trouble," he said. "That means those who are making this decision understand nothing about how Russia works. And that’s dangerous for the future.”
