Russian oligarch says sanctions against the nation are 'capable of destroying everything'

• Vladimir Lisin warned sanctions could cause a "cascade of negative consequences" for workers.
• The billionaire was one of the first to speak out against Russia's attack on Ukraine.

Russian oligarch Vladimir Lisin said the constant threat of Western sanctions, including those already imposed against the nation's elite, will have a longterm impact on Russia's working class.

"Being forced into this reality is inevitably unsettling because sanctions are capable of destroying everything that had taken many years to create," Lisin said on Monday, according to an Insider translation of his interview with the Russian newspaper Kommersant.

Since Russia invaded Ukraine on February 24, the US, EU, and UK have levied several rounds of sanctions against Russia, President Vladimir Putin, and some of his closest allies. The sanctions target the economy and the country's banks, as well as specific oligarchs and their foreign assets.

On Tuesday, Forbes reported Russian billionaires are collectively around $263 billion poorer compared to their total wealth a year ago. But, the nation's working class has also not been immune to the sanctions, as Russians find themselves in a country that has been increasingly cut off from the rest of the world.

Lisin, the chairman and main shareholder of one of the largest steelmakers in Russia, said that his concern is not for the well-being of the billionaires who have been sanctioned, but rather for the "cascade of negative consequences for tens of thousands of our workers and tens or perhaps even hundreds of thousands of employees of our many partners and customers."

The Novolipetsk Steel shareholder said his fears go beyond the development of his business and onto whether it will be able to survive the turmoil.

"What we see today is more than just another economic crisis like those that we've faced in the past," Lisin said, regarding Russia's efforts to sustain its economy. "The situation today requires a much more serious approach, and sound, well-thought-out decisions."

Lisin is one of the few Russian oligarchs who has yet to be targeted by Western sanctions. Though, the UK has considered seizing his 3,000-acre 17th-century Aberuchill Castle in Scotland, according to a report from BBC.

Lisin is one of the nation's richest men and is the 70th richest person in the world, according to Bloomberg's Billionaire Index. Lisin is currently worth about $22.1 billion in US dollars. His wealth is down over $5 billion since Russia began invading Ukraine, according to the index.

The steel tycoon was one of the first billionaires to publicly criticize Russia's attack on Ukraine. In a letter to his staff in March, Lisin called the attack a "huge tragedy that is impossible to justify."

In his recent interview with the Russian newspaper, Lisin once again reflected on the loss of life associated with Russia's actions. He acknowledged that he sees the sanctions as an alternative to a "global conflict."

"It is shameful to complain about sanctions and associated personal inconveniences against the backdrop of the unfolding humanitarian catastrophe," he said. "Sanctions may be perceived as unfair or carrying elements of collective liability, but the death of people and the destruction of cities need to be stopped by any means possible."

Translations provided by Oleksandr Vynogradov.