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The Independent UK

National

Emma Burrows

The West has sanctioned Russia's rich. But is that really punishing Putin and helping Ukraine?

Vladimir Putin Ukraine Russia United States United Kingdom Fiona Hill Tom Keatinge Daniel Fried Nigel GouldDavies Kremlin

Copyright 2023 The Associated Press. All rights reserved

Sitting on a terrace in Verona as the bells toll at a nearby medieval church, Igor Makarov sips coffee as he describes his life as a billionaire under Western sanctions.

Most of his fortune earned doing business in Russia and the former Soviet Union is frozen, and his plans to develop his energy businesses are currently shelved. His yacht is seized and his two private jets are grounded, so he flew commercial from Cyprus to Italy on budget carrier EasyJet.

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