Sanctions on oligarchs could be dropped if they help fund Ukrainian relief efforts

RUSSIAN oligarchs could buy their way out of sanctions if they pledge to donate some of their fortunes to rebuilding Ukraine under plans being considered by Canada.

Dozens of Russia’s richest men whose fortunes have been propping up the regime of Vladimir Putin have faced crippling economic sanctions since the invasion.

At a meeting of G7 finance ministers in Germany, Chrystia Freeland, Canada’s deputy prime minister, floated the idea of allowing Russian oligarchs who distance themselves from the Kremlin to evade sanctions if they provide funding for relief efforts in Ukraine, an unnamed government official told the AP news agency yesterday.

The proposal would mean some Russian oligarchs getting access to their bank accounts and other assets currently frozen in the West.

Ms Freeland reportedly said that she had been approached by several Russian tycoons who she knows from her time as a journalist in Russia during the 1990s.

The official said the Ukrainian government was aware of the discussions.

“We would not be talking about this if there wasn’t some comfort on the part of the Ukrainians,” the official said. “We need to know that it works for them, too.” Several Russian oligarchs have spoken out against the war but have stopped short of criticising Mr Putin personally fearing reprisals or a backlash against their employees working in Russia.

Mikhail Fridman, a Ukrainian-born tycoon, was handed sanctions by Britain and the EU despite his business ties to Ukraine. Roman Abramovich, the Russian oligarch who has been proactive in mediating between Russia and Ukraine, is also still on the blacklist.

The Government this week allowed Mr Abramovich to sell Chelsea FC, the proceeds from which are supposed to help Ukrainian refugees.