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<br /> Expanding its base in the overseas energy market, <keyword id="45008" type="CITY" weightage="20" keywordseo="Tata-Power">Tata Power</keyword> has signed a Memorandum of Understanding (MoU) with Siberian Coal Energy Company (<keyword id="2739082" type="UNKNOWN" weightage="20" keywordseo="SUEK">SUEK</keyword>), to develop opportunities in the energy sector in Russia.<br />
	<br />
	“SEUK is known to be a reliable and world class player in the mining business and Tata Power looks forward to working with them on identifying opportunities across the energy chain. The signing of MoU is a major milestone for Tata Power and we endeavour to be a significant player in the international energy market,” said a Tata spokesperson.<br />
	<br />
	Under the agreement, both the companies will identify and target opportunities in the energy sector in Russia and other georgraphies  of common interest in order to develop mutually beneficial transactions.<br />
	<br />
	It should be noted that apart from Russia, Tata Power has made strategic investments in other foreign energy markets which include Australia, Bhutan, Indonesia, Singapore, South Africa, Botswana and Namibia.<br />
	<br /> The company has bought 30% stake in coal company <keyword id="163347" type="COMPANY" weightage="20" keywordseo="PT-Kaltim-Prima-Coal">PT Kaltim Prima Coal</keyword> (KPC) in Indonesia while it has acquired 26% stake in mines at PT Baramulti Suksessarana Tbk and geothermal project in the country. The company has presence in Singapore through Trust Energy Resources to maintain supply of coal to its thermal power generations in the country. The company has also made investments in a joint venture company, Cennergi, to develop projects in South Africa, Botswana and Namibia.<br />
	<br />
	In Australia, Tata Power has invested in clean coal and geothermal technologies while in Bhutan, the energy major has made investments through partnership with the Royal Government of Bhutan in a hydro project in the country.

Tata Power’s international expansion now includes investment in
Russia<b></b>

<ul class="summary-list"><li>Russia filed a lawsuit against oligarch Andrey Melnichenko, who is worth $13 billion.</li><li>The lawsuit alleges Melnichenko's purchase of power plant operator Sibeco five years ago was corrupt.</li></ul><p>Russia appears to be going ham on its billionaires lying low overseas as <a href="https://www.businessinsider.com/russia-economy-officials-kremlin-central-bank-public-fight-ruble-collapse-2023-8" target="_blank" rel="noopener">Moscow grapples with supporting its economy</a> amid the war in Ukraine.</p><p>Authorities have filed a lawsuit against Andrey Melnichenko, an oligarch now based in the United Arab Emirates, <a href="https://www.ft.com/content/185032e0-10aa-47ac-a95d-ba71d0e11331" target="_blank" rel="noopener">the Financial Times reported on Sunday.</a> </p><p>The lawsuit — filed earlier this month in the <a href="https://sverdl--krk.sudrf.ru/modules.php?name=sud_delo&amp;srv_num=1&amp;name_op=case&amp;case_id=379081606&amp;case_uid=1cf5e5ce-fecc-40c7-8870-7bf067edff41&amp;delo_id=1540005" target="_blank" rel="noopener">Siberian city of Krasnoyarsk</a> — alleges Melnichenko's purchase of power plant operator Sibeco five years ago was corrupt, the FT reported.</p><p>In 2018, he bought the company for <a href="https://www.rferl.org/a/russia-power-assets-siberian-energy-company-melnichenko/32556157.html" target="_blank" rel="noopener">36 billion rubles, or $571 million,</a> from a former government minister who was later arrested in 2019 for embezzlement and fraud at another unnamed company. </p><p>Russian state prosecutors are now planning to seize and nationalize Sibeco, per the FT. Melnichenko's representative confirmed to the FT that he received the lawsuit and that a legal team is working on the case. A hearing is scheduled for early September.</p><p>The lawsuit against Melnichenko comes as the Kremlin pushes to get rich Russians to transfer their assets back home amid an <a href="https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2023/global-insights/politics-and-war-continue-shape-private-wealth-migration-landscape" target="_blank" rel="noopener">exodus of high-net-worth individuals</a> following the Ukraine war.</p><p>At a gathering of business leaders in March, Putin called on those present to invest in Russia, <a href="https://www.reuters.com/world/europe/putin-urges-russias-billionaires-invest-face-sanctions-war-2023-03-16/" target="_blank" rel="noopener">Reuters reported.</a></p><p>"A responsible entrepreneur is a real citizen of Russia, of his country, a citizen who understands and acts in its interests," Putin said, per Reuters' translation. "He does not hide assets offshore but registers companies here, in our country, and does not become dependent on foreign authorities."</p><p>The ninth richest person in Russia, Melnichenko — who has been <a href="https://www.businessinsider.com/oligarch-sanction-russian-billionaire-andrey-melnichenko-eurochem-vacation-ukraine-putin-2022-7">sanctioned by the European Union and the US</a> — is worth $13 billion as of Monday, according to <a href="https://www.bloomberg.com/billionaires/profiles/andrey-melnichenko/" target="_blank" rel="noopener">Bloomberg Billionaire's Index.</a> His wealth is largely derived from majority stakes in fertilizer giant Eurochem and coal company Suek. </p><p>In March 2022, Melnichenko — whose mother is Ukrainian — told <a href="https://www.reuters.com/article/ukraine-crisis-melnichenko-idAFS8N2UP0A9" target="_blank" rel="noopener">Reuters in an interview</a> that Russia's invasion of Ukraine was "truly tragic." </p><p>Melnichenko did not immediately respond to a request for comment from Insider sent via his foundation outside regular business hours.</p>

Russia's so desperate to get its billionaires and their massive wealth back that it just threatened to seize the assets of an oligarch worth $13 billion

<ul class="summary-list"><li>Soaring fertilizer prices as a result of the conflict may mean a food crisis, the fertilizer tycoon warned.</li><li><keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> has banned some Russian exports, including fertilizers, amid Western sanctions.</li></ul><p>Sanctioned Russian fertilizer and coal tycoon, Andrey Melnichenko, has warned that the Russian invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> will lead to a world food crisis and called for the war to end.</p><p>"The events in Ukraine are truly tragic. We urgently need peace. As Russian by nationality, Belarusian by birth, and Ukrainian by blood, I feel great pain and disbelief witnessing the brotherly peoples are fighting and dying," Melnichenko said in comments sent by his spokesperson to Insider.</p><p><a href="https://www.reuters.com/world/exclusive-ukraine-war-must-end-russias-fertiliser-coal-king-says-2022-03-14/">Reuters first reported</a> Melnichenko's comments.</p><p>"One of the victims of this crisis will be agriculture and food," Melnichenko also said, adding that the war has "already led to soaring prices in fertilisers which are no longer affordable to farmers."</p><p>The Russian billionaire is the founder of Russia's largest ammonium nitrate and coal producers, EuroChem and SUEK. He is also among the <a href="https://www.businessinsider.com/russian-oligarch-andrey-melnichenko-578-million-yacht-seized-by-italy-2022-3">Russian oligarchs</a> who have been targeted by Western sanctions due to the conflict. </p><p>Russia's invasion has dramatically pushed up the cost of key agricultural commodities such as wheat and corn, and <a href="https://www.businessinsider.com/collapse-of-ukraines-biggest-food-producer-catastrophic-2022-3">imperiled food supplies.</a></p><p>The war threatens to disrupt production in Ukraine, which is a major exporter of the grains. Russian exports are also expected to be curbed as the packages of sanctions imposed on Russia prevent many firms from conducting business with the country.</p><p>The fallout of the conflict has also seen <a href="https://www.businessinsider.com/russia-ukraine-inflation-lifting-prices-american-shoppers-gas-wheat-nickel-2022-3#5-fertilizer-5">fertilizer prices soar</a>, adding to farmers' costs, and further <a href="https://www.businessinsider.com/what-russias-invasion-ukraine-means-global-food-supplies-2022-3">inflating food prices</a> that were already sitting at or near record highs as a result of <a href="https://www.businessinsider.com/what-russias-invasion-ukraine-means-global-food-supplies-2022-3">t</a>he pandemic. </p><p>Russia is a major producer of fertilizer – including potash, phosphate and nitrogen – accounting for 13% of global production, <a href="https://www.reuters.com/world/exclusive-ukraine-war-must-end-russias-fertiliser-coal-king-says-2022-03-14/">according to Reuters.</a> Production is heavily reliant on natural gas, the cost of which has also climbed as a result of the conflict in Ukraine.</p><p>Fertilizer prices may also impact the US' ability to offset the loss of Russian and Ukrainian exports. US wheat production <a href="https://www.businessinsider.com/what-russias-invasion-ukraine-means-global-food-supplies-2022-3">ranks second in the world after Russia,</a> but it's unlikely it can make up the shortfall in lost exports. The US wheat crop has already been planted for the year, while energy and fertilizer prices are proving an obstacle for many US farmers, <a href="https://www.ft.com/content/6faa1318-ca75-4cae-8d78-bc99d24bc1bd">The Financial Times reported.</a></p><p>Earlier this month, Russia's Ministry of Trade and Industry called on the country's fertilizer producers to suspend exports, <a href="https://www.reuters.com/world/exclusive-ukraine-war-must-end-russias-fertiliser-coal-king-says-2022-03-14/">Reuters reported</a>. </p><p>Melnichenko warned that <keyword id="12878210" type="UNKNOWN" weightage="60" keywordseo="food-supply" source="Orion">food supply</keyword> chains were already impacted by the pandemic, saying that "now this will lead to even higher food inflation in Europe and likely food shortages in the world's poorest countries."</p><p>Melnichenko is among the billionaire Russian <keyword id="13281691" type="UNKNOWN" weightage="60" keywordseo="oligarchs" source="Orion">oligarchs</keyword> who have been placed on an EU sanctions list in response to Moscow's decision to invade Ukraine. A spokesperson for Melnichenko previously <a href="https://www.businessinsider.com/russian-oligarch-andrey-melnichenko-578-million-yacht-seized-by-italy-2022-3">told Insider</a> that the EU's accusations about his connections to the war in Ukraine are false. </p><p>Due to the sanctions, <a href="https://www.businessinsider.com/russian-oligarch-andrey-melnichenko-578-million-yacht-seized-by-italy-2022-3">Melnichenko resigned</a> as a member of the board and main beneficiary of both <a href="https://www.eurochemgroup.com/media-announcements/andrey-melnichenko-resigns-from-eurochem-board-of-directors-and-withdraws-as-main-beneficiary/">EuroChem</a> and <a href="http://www.suek.com/media/news/andrey-melnichenko-resigns-from-suek-board-of-directors-stands-down-as-main-beneficiary-/">SUEK</a> last week.</p><p>Eurochem claims to be among the top five fertilizer companies globally, according to Reuters.</p>

Oligarch who founded Russia's largest fertilizer and coal companies warns the world faces food crisis without an end to the conflict in Ukraine

<ul class="summary-list"><li>Andrey Melnichenko's yacht stopped sharing its location a day after he was sanctioned by the EU.</li><li>Russian <keyword id="13281691" type="UNKNOWN" weightage="60" keywordseo="oligarchs" source="Orion">oligarchs</keyword> seeking to escape <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword> have gone to the Maldives, in addition to the UAE. </li></ul><p>Russian oligarch Andrey Melnichenko's superyacht Motor Yacht A is one of six linked to Russians that has been sailing in Maldives' waters, having managed to avoid any action against it post-sanctions.</p><p>Melnichenko's yacht stopped sharing its location while near the island nation, a day after the coal and fertilizer tycoon was sanctioned by the EU on March 9, <a href="https://www.marinetraffic.com/en/ais/details/ships/shipid:371455/mmsi:232039748/imo:1009340/vessel:A">according to MarineTraffic data.</a> </p><p>At least three of the six Russia-linked <keyword id="12387568" type="UNKNOWN" weightage="60" keywordseo="yachts" source="Orion">yachts</keyword> hid their locations, changed their destinations, or left Maldives' waters for international waters, <a href="https://www.reuters.com/world/maldives-shelters-sanctioned-russian-billionaires-yachts-2022-04-07/?taid=624e8746e5704a0001750e69&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter">Reuters reported.</a></p><p>Another one of Melnichenko's yachts, the Sailing Yacht A — considered one of the world's biggest yachts — was <a href="https://www.businessinsider.com/russian-oligarch-andrey-melnichenko-578-million-yacht-seized-by-italy-2022-3">seized in mid-March</a> by Italian authorities.</p><p><keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>n oligarchs and billionaires seeking to escape sanctions after Russia's invasion of Ukraine have gone to the Maldives, which <a href="https://www.businessinsider.com/russian-billionaires-superyachts-maldives-no-extradition-ukraine-war-sanctions-2022-3">does not have an extradition treaty with the US</a>, in addition to the UAE. </p><p>While the Maldives is opposed to Russia's invasion, it is concerned about the economic fallout of losing Russian tourists. This group was the country's largest number of tourists in January pre-invasion but arrivals have since fallen 70% , tourism minister Abdulla Mausoom told Reuters.</p><p>Maldives' legal system is also not robust enough to seize yachts, the country's chief prosecutor, Hussain Shameem, told the agency. </p><p>Requests made by Reuters to Melnichenko's spokesperson, his charitable foundation, and the two companies he resigned from in March, the fertilizer producer EuroChem Group and coal company SUEK, were left unanswered.</p><p>Insider's requests for comment from the oligarch's spokesperson and charitable foundation were also not immediately answered.</p>

Russian oligarch Andrey Melnichenko's yacht is one of six Russia-linked vessels that have avoided seizure in the Maldives

<ul class="summary-list"><li>The 390ft <keyword id="12425898" type="UNKNOWN" weightage="60" keywordseo="superyacht" source="Orion">superyacht</keyword> has been anchored in the <keyword id="11897976" type="UNKNOWN" weightage="60" keywordseo="united-arab-emirates" source="Orion">United Arab Emirates</keyword> for weeks.</li><li>The vessel belongs to Russian <keyword id="13329911" type="UNKNOWN" weightage="60" keywordseo="oligarch" source="Orion">oligarch</keyword> <keyword id="14095989" type="UNKNOWN" weightage="60" keywordseo="andrey-melnichenko" source="Orion">Andrey Melnichenko</keyword>, worth an estimated $23 billion.</li></ul><p>A superyacht belonging to a sanctioned Russian oligarch has been spotted in the port of Ras al-Khaimah, in the United Arab Emirates, according to AP journalists who saw the vessel on Tuesday. </p><p>Andrey Melnichenko's 390ft Philippe Starck-designed Motor Yacht A, worth $300 million, was last reported in <keyword id="6354539" type="UNKNOWN" weightage="60" keywordseo="dubai" source="Orion">Dubai</keyword>, according to <a href="https://www.marinetraffic.com/en/ais/details/ships/shipid:371455/mmsi:232039748/imo:1009340/vessel:A">vessel-tracking website MarineTraffic</a>.</p><p><a href="https://www.businessinsider.com/russian-oligarch-andrey-melnichenko-578-million-yacht-seized-by-italy-2022-3">Melnichenko's other yacht,</a> worth $600 million, was seized by Italian authorities in early March as part of western sanctions imposed following Russia's invasion of Ukraine.</p><p>Remaining in the UAE port puts the yacht beyond the reach of western sanctions.</p><p>UAE has publicly expressed neutrality about the war in Ukraine. <a href="https://www.businessinsider.com/russian-oligarchs-long-term-residency-united-arab-emirates-dubai-2022-4">Insider previously reported </a>that sanctioned oligarchs can obtain golden visas by investing at least 10 million dirhams ($2.7 million) in a local company or investment fund.</p><p><a href="https://www.abc.net.au/news/2022-06-01/sanctioned-russian-oligarchs-superyacht-hides-in-uae-port/101118476">The Australian broadcaster ABC News </a>and the <a href="https://www.ft.com/content/0b4d7171-f632-4901-aafe-e283a732a1a9">Financial Times</a> first reported the story.</p><div type="image" title="The Philippe Starck-designed boat is seen moored next to HMS Belfast on the River Thames on September 7, 2016 in London" height="1442" width="1923" msid="91959974" hostid="261"></div><p>According to MarineTraffic, the superyacht used to sail under the UK flag.</p><p>However, in March, the government of the Isle of Man, a British crown dependency in the Irish Sea, said it had deregistered Melnichenko's yachts including Motor Yacht A because of western sanctions. It added: "We will continue to act with appropriate robustness should the situation warrant it."</p><p>European officials told the FT that they don't want "our allies to become facilitators for the Putin regime," and raised concerns with Emirati counterparts that sanctioned individuals could treat the UAE as a financial haven. </p><p>Melnichenko, worth $23.5 billion<a href="https://www.forbes.com/profile/andrey-melnichenko/?sh=44fa88543086"> according to Forbes</a>, founded one of Russia's most successful lenders, MDM Bank. He also founded the fertilizer producer Eurochem and coal energy company SUEK.</p><p><keyword id="12690587" type="UNKNOWN" weightage="60" keywordseo="russian-oligarchs" source="Orion">Russian oligarchs</keyword> have also turned to alternative routes regarding financial transactions, such as <a href="https://www.businessinsider.com/russian-oligarchs-sanctions-movement-money-hawala-ukraine-war-2022-4">hawala</a>, an <a href="https://www.businessinsider.com/russian-oligarchs-payment-system-akin-terrorist-financing-hawala-2022-5">informal money exchange</a>.</p><p>A Russian businessman told the FT: "Big banks are more cautious but smaller banks are offering help to those wishing to relocate. It's just taking a lot of time."</p>

Russian oligarch's $300 million superyacht hides in plain sight in UAE's neutral waters, avoiding sanctions

<ul class="summary-list"><li>Andrey Melnichenko said he only found out the EU had sanctioned him when he read it in the <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">news</keyword>.</li><li>The industrialist told Weltwoche that he was only sanctioned because he's Russian and rich.</li></ul><p>Russian <keyword id="12136587" type="UNKNOWN" weightage="60" keywordseo="billionaire" source="Orion">billionaire</keyword> Andrey Melnichenko said he only found out he'd been sanctioned by the European Union when he read it in the news.</p><p>He told Swiss publication <a href="https://weltwoche.ch/story/ich-werde-bestraft-weil-ich-den-falschen-pass-habe-und-reich-bin/">Weltwoche</a> that on March 4 he left Switzerland, where he has lived since 2009, to travel to Tanzania with his family to celebrate his 50th birthday, which was just <a href="https://sanctionsmap.eu/#/main/details/member?search=%7B%22value%22:%22Andrej%20%20Igorevitj%20MELNITJENKO%22,%22searchType%22:%7B%22id%22:1,%22title%22:%22regimes,%20persons,%20entities%22%7D%7D&amp;member=%7B%22order_by%22:0,%22type%22:%22P%22,%22FSD_ID%22:136530,%22name%22:%22%D0%90%D0%BD%D0%B4%D1%80%D0%B5%D0%B9%20%D0%98%D0%B3%D0%BE%D1%80%D0%B5%D0%B2%D0%B8%D1%87%20%20%D0%9C%D0%95%D0%9B%D0%AC%D0%9D%D0%98%D0%A7%D0%95%D0%9D%D0%9A%D0%9E,%20Andrey%20Igorevich%20%20MELNICHENKO,%20Andrej%20Igorevi%C4%8D%20MELNI%C4%8CENKO,%20Andrej%20%20Igorevitj%20MELNITJENKO%22,%22id_code%22:null,%22reason%22:null,%22creation_date%22:1646780400,%22programme%22:%22UKR%22%7D">three days later</a>.</p><p>"There I discovered that the EU had put me on the <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword> list," he said. "A perfect present for my 50th birthday, and also so symbolic."</p><p>Melnichenko told the publication that he has since filed lawsuits against both EU and Swiss authorities over the sanctions, calling their official reasoning "nonsensical."</p><p>Melnichenko is the owner of fertilizer group EuroChem and coal company Suek, which he says employ 100,000 people combined, though he <a href="https://www.eurochemgroup.com/media-announcements/andrey-melnichenko-resigns-from-eurochem-board-of-directors-and-withdraws-as-main-beneficiary/">stepped down</a> as a director of both companies on the day he was sanctioned. <a href="https://www.bloomberg.com/billionaires/profiles/andrey-melnichenko/">Bloomberg</a> estimates his wealth at $14.6 billion — down by almost a third since he was sanctioned.</p><p>On February 24, Melnichenko was photographed alongside 36 other Russian businesspeople meeting with <keyword id="11909347" type="UNKNOWN" weightage="60" keywordseo="putin" source="Orion">Putin</keyword> President Vladimir Putin and other members of the Kremlin, which the EU <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014D0145">said</a> was arranged "to discuss the impact of the course of action in the wake of Western sanctions."</p><p>It said that his invite shows that he was "a member of the closest circle of Vladimir Putin" and "one of the leading businesspersons involved in economic sectors providing a substantial source of revenue to the Government of <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>."</p><p>In his interview with Weltwoche, Melnichenko said that the gathering with Putin was a "normal meeting."</p><p>"We were all shocked about the events in Russia," he said. He said that the oligarchs and business leaders had first heard about Russia's invasion of Ukraine in the news that morning, and that the meeting had taken place in the early afternoon.</p><p>"We were in an emotional state of emergency," he said, adding that people were in a state of disbelief.</p><p>Melnichenko told the publication that he didn't know Putin "at all" and had never me him alone. He said that he had only met him a few times in groups of at least 15 people, each time in his role as part of a Russian business and industrial group.</p><div type="image" title="Putin meets with Russian business leaders" height="999" width="1999" msid="92749232" hostid="261" sizebytes="166610"></div><p>"Labeling me as a close political confidant of Putin, as an oligarch closely connected to the Russian state, is absurd," he said. "I'm not an oligarch."</p><p>Melnichenko said that he hadn't expected to be sanctioned as a businessman unconnected to the state. Though he was born in Belarus and lives in Switzerland, he has a Russian passport.</p><p>"My disadvantage is obvious: I'm a Russian," Melnichenko said. "Secondly: I'm rich. That's why I'm on the sanctions list."</p><p>The EU didn't immediately respond to Insider's request for comment.</p><p>Melnichenko wife was also sanctioned by the EU, <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014D0145">largely because of her connections to EuroChem</a>. Melnichenko said that her sanctions made no sense and that she rarely visits Russia and had never met Putin.</p><p>He said that the sanctions meant his private and family bank accounts had been locked and he couldn't access his assets. <a href="https://www.businessinsider.com/russian-oligarch-andrey-melnichenko-578-million-yacht-seized-by-italy-2022-3?r=US&amp;IR=T">Italy seized a $578 million megayacht</a> belonging to him just three days after he was sanctioned.</p><p>The EU also sanctioned EuroChem, which Melnichenko said left the company "considerably restricted."</p><p>"Worst of all, though, my family life has completely fallen to pieces," he said. He said wasn't able to travel in the EU although his family lives in Europe.</p><p>"The children can't meet their friends, they miss their toys and ask questions that I can't answer," he said.</p>

A Russian billionaire said he only found out he was sanctioned when he read it in the news while on vacation, days before his 50th birthday

<ul class="summary-list"><li><keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s 21 richest individuals have lost $84 billion so far this year, per the <a href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index.</a></li><li>Share prices of Russian companies listed globally have fallen even as the Moscow Exchange remains closed.</li></ul><p>The fortunes of Russia's richest individuals are getting hammered amid a massive market selloff as Western countries impose sanctions on Russia after its invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.</p><p>Russia's 21 wealthiest individuals have collectively lost $84 billion this year, according to the <a href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index.</a> Their financial losses have more than doubled since the beginning of Russia's invasion of Ukraine: This same group of <keyword id="11940268" type="UNKNOWN" weightage="60" keywordseo="billionaires" source="Orion">billionaires</keyword> lost a collective <a href="https://www.businessinsider.com/russian-billionaires-lose-39-billion-dollars-one-day-ukraine-invasion-2022-2">$39 billion</a> in just one day after the invasion, which sent the country's <keyword id="11895235" type="UNKNOWN" weightage="60" keywordseo="stock-market" source="Orion">stock market</keyword> diving 50% last week.</p><p>The market turmoil prompted the country's <a href="https://markets.businessinsider.com/news/stocks/russia-closed-stock-market-blocks-foreigner-sales-central-bank-ukraine-2022-2">central bank</a> to halt stock trading on the <a href="https://www.cbr.ru/press/pr/?file=28022022_205401SUP_MEAS28022022_205427.htm">Moscow Exchange</a> to stem further declines. Even so, Russian billionaires' <keyword id="11921347" type="UNKNOWN" weightage="60" keywordseo="wealth" source="Orion">wealth</keyword> continued to come under pressure, as some of their companies are listed elsewhere in the world.</p><p>The biggest loser among Russia's billionaires is Lukoil chairman Vagit Alekperov, who has lost $14 billion this year — 60% of his net worth — after the company's share price tanked about 80% on the London Stock Exchange. He is now worth $8.8 billion, per Bloomberg.</p><p>Russia's richest known man, Vladimir Potanin, has lost $6.2 billion and now has a net worth of $24.7 billion, per Bloomberg. The share price of Norilsk Nickel, of which he is the president, has fallen by 56% on the London Stock Exchange.</p><p>Iskandar Makhmudov, President of Ural Mining and Metallurgical Company, dropped out of the billionaire list altogether, Bloomberg's list shows.</p><p>Andrey Melnichenko is the only Russian billionaire to have made gains to date this year. His fortune is largely derived from privately held fertilizer company EuroChem and thermal coal firm SUEK, according to <a href="https://www.bloomberg.com/billionaires/profiles/andrey-melnichenko/" target="_blank" rel="noopener noreferrer">Bloomberg.</a></p><p>Even before Russia's invasion of Ukraine, the US and UK had already slapped sanctions on Russian <keyword id="13281691" type="UNKNOWN" weightage="60" keywordseo="oligarchs" source="Orion">oligarchs</keyword> and their family members. Among the individuals sanctioned by the UK was oligarch Gennady Timchenko, who has close ties with Putin, according to <a href="https://www.reuters.com/world/uk/uk-says-russian-invasion-ukraine-has-begun-2022-02-22/">Reuters.</a> His net worth now stands at $11.1 billion after falling by $11.3 billion this year.</p><p>Here's a breakdown of Russia's top ten richest people, their net worth, and how their wealth has changed so far this year, according to the <a href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index.</a></p><table style="border-collapse: collapse; width: 100%; height: 242px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;">Name</td><td style="width: 33.3333%; height: 22px;">Net worth</td><td style="width: 33.3333%; height: 22px;">Year-to-date change </td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;">Vladimir Potanin</td><td style="width: 33.3333%; height: 22px;">24.7</td><td style="width: 33.3333%; height: 22px;">-$6.20 billion</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;">Alexey Mordashov</td><td style="width: 33.3333%; height: 22px;">21.9</td><td style="width: 33.3333%; height: 22px;">-$6.94 billion</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;">Leonid Mikhelson</td><td style="width: 33.3333%; height: 22px;">21.5</td><td style="width: 33.3333%; height: 22px;">-10.9 billion</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;">Vladimir Lisin</td><td style="width: 33.3333%; height: 22px;">20.8</td><td style="width: 33.3333%; height: 22px;">-$7.19 billion</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;">Alisher Usmanov</td><td style="width: 33.3333%; height: 22px;">19.7</td><td style="width: 33.3333%; height: 22px;">-$1.59 billion</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;">Andrey Melnichenko</td><td style="width: 33.3333%; height: 22px;">19.5</td><td style="width: 33.3333%; height: 22px;">+1.99 billion</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;">Viktor Vekselberg</td><td style="width: 33.3333%; height: 22px;">16.9</td><td style="width: 33.3333%; height: 22px;">-1.58 billion</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;">Roman Abramovich</td><td style="width: 33.3333%; height: 22px;">13.7</td><td style="width: 33.3333%; height: 22px;">-4.29 billion</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;">Mikhail Prokhorov</td><td style="width: 33.3333%; height: 22px;">13.5</td><td style="width: 33.3333%; height: 22px;">-0.45 billion</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;">Suleiman Kerimov</td><td style="width: 33.3333%; height: 22px;">11.3</td><td style="width: 33.3333%; height: 22px;">-3.93 billion</td></tr></tbody></table>

Russian billionaires' losses, now totaling $84 billion this year, have more than doubled since Russia invaded Ukraine less than a week ago

<ul class="summary-list"><li><keyword id="13281691" type="UNKNOWN" weightage="60" keywordseo="oligarchs" source="Orion">Oligarchs</keyword> have been the target of Western countries' <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword> amid <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s war in <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>. </li><li>Some of their assets, including superyachts and properties, have been seized by governments. </li></ul><p>Sanctioned <keyword id="12690587" type="UNKNOWN" weightage="60" keywordseo="russian-oligarchs" source="Orion">Russian oligarchs</keyword> have had their assets seized by governments due to sanctions levied against them by <a href="https://www.businessinsider.com/russia-sanctions-ukraine-invasion-economic-damage-putin-russian-elites-banks-2022-2">Western countries </a>following <a href="https://www.businessinsider.com/russian-elites-may-blame-others-ukraine-war-western-officials-say-2022-3">Russia's invasion</a> of Ukraine on February 24. </p><p>Sanctions have hit some of the wealthiest businessmen, including Chelsea FC's owner <a href="https://www.businessinsider.com/roman-abramovich-sanctions-oleg-deripaska-russian-oligarch-billionaires-2022-3">Roman Abramovich</a>, <a href="https://www.businessinsider.com/russian-oligarch-alexei-mordashov-superyacht-russia-sanctions-ukraine-eu-vladivostok-2022-3">Alexei Mordashov, who is currently Russia's third-richest man,</a> and the family of <a href="https://www.businessinsider.com/us-sanctions-family-of-putin-spokesperson-dmitriy-peskov-2022-3">Dmitry Peskov</a>, who is Russian President Vladimir Putin's spokesperson.</p><p>The actions taken against key Russian figures aimed to choke off the country's ability to access critical cash reserves and cut it off from the world. Meanwhile, Russian billionaires have had their superyachts and properties seized, as well as their jets detained on the grounds. </p><p>The whereabouts of Abramovich's two superyachts, worth more than $1 billion, have been <a href="https://www.businessinsider.com/russian-oligarch-roman-abramovich-luxury-superyacht-docks-turkey-sanctions-cruise-2022-3">scrutinized</a> and <a href="https://www.businessinsider.com/russian-oligarchs-yachts-roman-abramovich-sail-east-uk-sanctions-2022-3">monitored</a> in recent weeks. He has been spotted at peace talks between Russia and Ukraine, and was reportedly the target of a suspected <a href="https://www.businessinsider.com/roman-abramovich-asked-are-we-dying-after-apparent-poisoning-nyt-2022-3">poison attack. </a></p><p>A month on from Russia invading Ukraine, here's a look at what has been seized so far. </p><h2>Superyachts</h2><div type="image" title="The yacht &quot;Lady M&quot;, owned by Russian oligarch Alexei Mordashov." height="4025" width="6000" msid="90622049" hostid="261"></div><p>Superyachts, many of which are worth millions of dollars, have been primarily targeted by sanctions. However, while authorities have tried to seize several of the 400 sanctioned Russian oligarchs, some remain untraceable. At least <a href="https://www.businessinsider.com/russian-oligarch-tycoon-superyachts-turned-off-tracking-ukraine-invasion-sanctions-2022-3">nine superyachts owned</a> by Russian tycoons switched off their tracking systems after the Ukraine war began. </p><h4>Amore Vero</h4><p>Linked to Igor Sechin, Russia's former deputy prime minister and CEO of state-controlled oil giant Rosneft,<a href="https://www.businessinsider.com/russian-oligarch-igor-sechin-yacht-crew-sail-turkey-sanctions-report-2022-3"> Amore Vero</a> was seized by French authorities on March 3. </p><p>Sechin, whose yacht is valued at <a href="https://www.businessinsider.com/russian-oligarch-superyacht-seized-france-ukraine-igor-sechin-darth-vader-2022-3">$120 million</a>, has been sanctioned by the US, UK and EU. </p><h4>Lena and Lady M</h4><p>Italy seized two superyachts in the following days. Lena was seized on March 5, and belongs to Gennady Timchenko, whose<a href="https://www.businessinsider.com/russian-oligarch-gennady-timchenko-wife-daughters-us-sanctions-2022-3"> family</a> have also been sanctioned. The second superyacht seized belongs to Russia's wealthiest businessman <keyword id="13402958" type="UNKNOWN" weightage="60" keywordseo="alexei-mordashov" source="Orion">Alexei Mordashov</keyword>, according to <a href="https://www.forbes.ru/profile/aleksei-mordashov">Forbes</a>. </p><p>Timchenko has been sanctioned by the EU, who described him as a "long-time acquaintance" of Putin. He has also been sanctioned by the UK and the US. </p><p><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022D0337&amp;qid=1646657311255">Mordashov has been sanctioned</a> by the UK and the EU, who says he is "benefitting from his links from Russian decision-makers."</p><h4>Sailing Yacht A</h4><p>Belonging to <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32022D0397&amp;qid=1647049635667&amp;from=EN">Andrey Melnichenko</a>, his megayacht was seized by Italian authorities on March 11, and is <a href="https://www.businessinsider.com/russian-oligarch-andrey-melnichenko-578-million-yacht-seized-by-italy-2022-3">worth $578 million</a>.</p><p>Sailing Yacht A is the world's largest sailing yacht at around 469 feet long and has eight decks.</p><p>Melnichenko, who is worth $11 billion according to Forbes, founded fertilizer producer EuroChem Group and coal energy company SUEK.  </p><h4>Valerie</h4><p>Spanish authorities <a href="https://www.businessinsider.com/russian-oligarch-superyacht-seized-spain-sergei-chemezov-putin-kgb-sanctions-2022-3">seized Valerie</a> on March 14. In a televised speech, however, Prime Minister Pedro Sanchez did not name the owner. Two sources told <a href="https://www.reuters.com/world/europe/spain-seizes-russian-oligarchs-yacht-barcelona-2022-03-14/">Reuters</a> that it belonged to oligarch Sergei Chemezov, and the yacht is worth $153 million. </p><p>Chemezov, CEO of Russian state-owned defense conglomerate Rostec was named in <a href="https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220303">US sanctions</a> in March 2022 after Russia invaded Ukraine. The most recent US sanctions also target Chemezov's wife, son, and stepdaughter.</p><h4>Crescent</h4><p>Linked to <a href="https://www.businessinsider.com/spanish-authorities-detain-superyacht-linked-to-russian-oligarch-2022-3">Igor Sechin</a>, Crescent was seized by Spain, two weeks following Amore Vero being seized by France.</p><p>The yacht is worth $600 million. </p><h4>Lady Anastasia</h4><p>Spain <a href="https://www.reuters.com/world/europe/spain-detains-yacht-linked-russian-oligarch-mikheyev-police-source-says-2022-03-15/">detained</a> Lady Anastasia, which is owned by Alexander Mikheev, on March 15. </p><p>Mikheev is the CEO of Russian state-owned military weapons company, Rosoboronexport. He was sanctioned by the US on March 15. </p><p>The yacht was subject to a <a href="https://www.businessinsider.com/ukrainian-engineer-describes-how-tried-to-sink-russian-boss-yacht-2022-3">sinking attempt </a>from a Ukrainian crew member while it was docked in Mallorca on February 26. </p><h4>Phi</h4><p>Worth $50 million, Phi was <a href="https://www.businessinsider.com/russian-businessman-superyacht-seized-uk-government-awards-ceremony-2022-3">seized by the UK</a> after mooring in London for an awards ceremony. </p><p>The National Crime Agency did not reveal the name of the owner but mentioned it belongs to a Russian businessman and that the yacht is valued at £38 million ($49.9 million.)</p><h4>Axioma</h4><p>Gibraltar's government <a href="https://www.businessinsider.com/russian-oligarch-axioma-yacht-seized-gibraltar-dmitrievich-pumpyansky-sanctions-2022-3">said it seized </a>the $75 million superyacht belonging to a sanctioned Russian oligarch. </p><p>Dmitry Pumpyansky, who has an estimated net worth of $1.1 billion, is the owner of Russia's largest steel-pipe-maker, TMK. </p><h2>Properties</h2><div type="image" title="Squatters entered Oleg Deripaska's mansion in Belgrave Square, London." height="3543" width="5315" msid="90622051" hostid="261"></div><p>Alexei Mordashov's <a href="https://www.businessinsider.com/alexei-mordashov-russia-richest-man-property-seized-italy-oligarch-2022-3">building complex</a>, worth $116 million, was seized on March 18 in Portisco, Sardinia, Italy.</p><p>Swiss authorities, who broke their neutral status to adopt sanctions,<a href="https://www.businessinsider.com/swiss-seize-mountain-home-believed-to-belong-to-russian-oligarch-2022-3"> seized a mountain home</a>, believed to belong to oligarch Petr Aven.</p><p>According to <a href="https://www.reuters.com/world/europe/italy-seizes-oligarchs-villas-yachts-initial-sweep-2022-03-05/">Reuters</a>, Italy authorities seized both Alisher Usmanov's luxury villa worth $19 million in Sardinia, and Russian politician Oleg Savchenko's mansion worth $3 million in Tuscany. </p><p>Some properties in the UK, which have not been seized or detained but belong to sanctioned individuals, have been frozen. Squatters <a href="https://www.businessinsider.com/russia-oligarch-appalled-police-response-london-mansion-squatters-2022-3">entered the mansion belonging</a> to Oleg Deripaska in Belgrave Square, London on March 14.</p><h2>Jets</h2><div type="image" title="Bombardier Global 6500 private jet" height="1666" width="2500" msid="90622052" hostid="261"></div><p>The UK detained two jets belonging to <a href="https://www.businessinsider.com/eugene-shvidler-uk-seizes-2-private-jets-owned-by-russian-oligarch-says-report-2022-3">Eugene Shvidler</a> — $45 million Bombardier Global 6500 (not pictured) and $13 million Cessna Citation Latitude. Shvidler was added to the UK sanctions list on March 24, which said he had "close business links to <keyword id="13278280" type="UNKNOWN" weightage="60" keywordseo="roman-abramovich" source="Orion">Roman Abramovich</keyword>." </p><p>Shvidler partnered with Abramovich to gain control of oil giant Sibneft via an auction in 1995, and he was chairman of Abramovich's investment and asset management company Millhouse LLC, but stepped down when Abramovich <a href="https://www.theguardian.com/world/2022/mar/12/why-has-abramovichs-billionaire-friend-been-left-off-the-uk-sanctions-list">was sanctioned.</a> </p>

Russian oligarch's most prized assets, from superyachts and jets to properties are being targeted by sanctions. Here's what's been seized so far.

<ul class="summary-list"><li>Citigroup was massively bailed out by US taxpayers because it failed to manage key financial risks.</li><li>The bank is exposed to huge risks of fossil fuel stranded assets.</li><li>Citi's new CEO Jane Fraser must show global leadership and seize the energy transition.</li><li>Tim Buckley is Director Energy Finance Studies, Australasia at IEEFA.</li><li>This is an <keyword id="11905565" type="UNKNOWN" weightage="100" keywordseo="opinion" source="Orion">opinion</keyword> column. The thoughts expressed are those of the author.</li></ul><p>In September 2007, with a mortgage crisis clearly on the horizon, <a href="https://www.nytimes.com/2008/11/23/business/23citi.html">Citigroup's CEO Charles Prince III</a> gathered with his top executives to understand whether the bank - then the nation's largest - faced any risk. The consensus was no.</p><p>How wrong they were. In a year's time, Lehman Brothers crashed, triggering a global financial collapse. Citigroup lost 90% of its value and 75,000 employees, and ultimately, needed US taxpayers to bail it out. </p><p>Since that low point, the bank has worked hard to rehabilitate its image, but not its ability to understand and address key global financial risks.</p><p>This month, <a href="https://anthropocenefii.org/afii-suek-bofa-citi-cmzb">Citi was named</a> as <a href="https://mailchi.mp/banktrack/commerzbank-citi-and-bank-of-america-among-banks-issuing-new-deal-for-russian-coal-giant-suek-just-two-months-before-cop26?e=e9f794d617">Joint Lead Managers for Suek</a>, Russia's largest coal miner, and owner of 17 gigawatts (GW) of coal power plants. The <a href="https://www.ifre.com/story/3041635/suek-finds-sanctuary-in-bond-markets-fpjjvgq9lp">proceeds of this bond issue</a> will <a href="https://www.fitchratings.com/research/corporate-finance/fitch-rates-proposed-suek-guaranteed-notes-bb-exp-01-09-2021">help finance 1.6 GW</a> of more coal power and another 28 million tonnes of new coal export port capacity per year. </p><p>This deal is in direct contradiction to the Paris Agreement and the findings of the International Energy Agency's (IEA) recent <a href="https://www.iea.org/reports/net-zero-by-2050">Net Zero by 2050</a> roadmap, which couldn't be clearer, that to avoid impending climate catastrophe, there must be "<a href="https://www.iea.org/news/pathway-to-critical-and-formidable-goal-of-net-zero-emissions-by-2050-is-narrow-but-brings-huge-benefits">no investment in new fossil fuel supply</a> projects, and no further final investment decisions for new unabated coal plants."</p><p>It also contradicts the spirit of <a href="https://blog.citigroup.com/2021/03/citis-commitment-to-net-zero-by-2050/">Citi's Commitment to Net Zero by 2050</a>, which CEO Jane Fraser announced on her first day on the job. Following that pledge, Citi joined the <a href="https://www.sustainable-markets.org/">Sustainable Markets Initiative</a> Financial Services Task Force, the Mark Carney-chaired <a href="https://www.unepfi.org/net-zero-banking/">Net-Zero Finance Alliance</a>, delivered a <a href="https://www.citigroup.com/citi/sustainability/data/Environmental-and-Social-Policy-Framework.pdf">strengthened but still flawed coal exit policy</a> and a <a href="https://blog.citigroup.com/2021/04/citi-commits-1-trillion-to-sustainable-finance-by-2030/">$1 trillion capital deployment</a> in low-carbon solutions pledge.</p><p>What good are pledges and promises of distant future action when there is a climate emergency today?</p><h2><strong>Banking on <keyword id="11896311" type="UNKNOWN" weightage="60" keywordseo="climate-change" source="Orion">climate change</keyword> </strong></h2><p>Citi remains a key global climate laggard, rated by the Rainforest Action Network as the <a href="https://www.ran.org/bankingonclimatechaos2021/#facts-panel">second largest financier of fossil fuels globally</a> in the five years leading to 2020 (second only to JPMorgan Chase). The bank has financed a staggering $237 billion in total, many multiples of the nearest Chinese mega-banks.</p><p>As a former Citi Managing Director, I want to see the bank succeed. But a pivotal change is overdue after two decades of ongoing market underperformance. Since my days at Citi, I've worked primarily in the energy technology space, tracking the role of global finance and evaluating stranded asset risks and climate investment opportunities. At IEEFA we have tracked <a href="https://ieefa.org/finance-exiting-coal/">180 globally significant financial institutions</a> with formal coal exit policies. To date in 2021 we have seen 68 new or improved coal policies - a 33% increase on the run rate in 2020, which in turn was 60% more than reported in 2019. </p><p>And with the rising number of zero emission <a href="https://www.unglobalcompact.org/take-action/events/climate-action-summit-2019/business-ambition">1.5 degree Celsius pledges</a>, we are seeing an accelerating global flight from the monumental risk of "stranded assets" in fossil fuel investments including coal, oil and gas, arctic drilling and oil sands. As <a href="https://www.woodmac.com/horizons/commit-and-collaborate-squaring-the-carbon-circle-for-oil-and-gas/">Wood Mackenzie</a> reported in August 2021, "The pool of investors that will agnostically invest in the oil and gas sector, indifferent to the energy transition, will continue to shrink."</p><p>When it comes to climate, US banks lag behind European and Asian banks. But with the decisive climate leadership of <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/23/fact-sheet-president-bidens-leaders-summit-on-climate/">President Joe Biden</a>, and the increasingly clear climate risk guidance coming from the <a href="https://home.treasury.gov/faq-for-new-fossil-fuel-energy-guidance-for-the-multilateral-development-banks">US Department of the Treasury</a> and <a href="https://www.ngfs.net/en">Network for Greening of the Financial System</a>, this is Fraser's moment to break away from the pack and lead the way. </p><p>Fraser must eschew the hubris of Citi's former leaders and demonstrate clarity of vision to see obvious global financial risks for what they are. A start would be making a more detailed commitment going into COP26 next month, one that rejects activities like funding giant Russian coal companies and similar projects the world will soon be forced to abandon. </p><p>Citi should also commit to a clear end date beyond which the bank will not provide any financial assistance across its advisory, debt, equity and capital market services, to any company still building out greenfield oil, gas, and coal operations (including associated facilitation of rail and port infrastructure). </p><p>These kinds of massive turnarounds in policy are possible. BlackRock, the world's largest financial institution, has moved at lightning speed from also being a global climate laggard in <a href="https://ieefa.org/ieefa-report-blackrocks-fossil-fuel-investments-wipe-us90-billion-in-massive-investor-value-destruction/">2019</a>. <a href="https://www.blackrock.com/corporate/literature/publication/blk-commentary-climate-risk-and-energy-transition.pdf">In 2021</a>, <a href="https://www.bloomberg.com/news/videos/2021-04-12/blackrock-s-fink-temasek-s-pillay-on-climate-investing-video">CEO Larry Fink</a> enthusiastically beat the drum about the magnitude of investment opportunities the changing climate entails. The firm set records on new <a href="https://www.bloomberg.com/news/articles/2021-04-08/blackrock-raises-4-8-billion-to-invest-in-renewable-power">zero emissions infrastructure</a>, <a href="https://www.blackrock.com/corporate/newsroom/press-releases/article/corporate-one/press-releases/temasek-and-blackrock-launch-decarbonization-investment-partnership">private equity</a> in emerging climate technologies, and <a href="https://www.bloomberg.com/news/articles/2021-04-14/blackrock-s-record-breaking-esg-fund-looks-just-like-a-big-tech-etf">ESG</a> capital raises. These records were subsequently broken as <a href="https://www.reuters.com/business/sustainable-business/brookfield-raises-7-billion-global-energy-transition-fund-2021-07-27/">Brookfield</a> and <a href="https://press.tpg.com/news-releases/news-release-details/tpg-announces-54-billion-first-close-tpg-rise-climate-fund">TPG</a> followed suit, playing catch up to innovative global financial leaders like <a href="https://www.afr.com/chanticleer/big-picture-drives-macquarie-s-growth-20210908-p58pw4">Macquarie Group</a>.</p><p>Citi should carefully evaluate the substance of BlackRock's pivot. The megabank can align its investments with the IEA's net-zero guidance, enhancing its risk-return profile in doing so. </p><p>To stymie rapid global emissions growth, the world needs financial leadership to move away from fossil fuel legacy businesses of old and to start providing the multitude of technology solutions commercially viable today. </p><p>Fraser should focus on the enormous opportunities in providing financial services to the zero emissions world leaders of tomorrow, and turn the bank's sorry past into global leadership.</p>

I'm a former Citi executive. The bank failed to react to the warning signs before the 2008 financial crisis, and its record on climate change shows it's making the same mistake again.

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Russian billionaire Andrey <span>Melnichenko</span> is reportedly building the largest sailing yacht ever, according to <a href="http://www.cnbc.com/id/102795873">CNBC's Robert Frank</a>.</p><p>The boat will be 482 feet (147 meters) - or about 1.3 times the size of a standard American football field.</p><p>That would dwarf the 289-foot-long "Maltese Falcon" unveiled by Silicon Valley venture-capitalist Tom Perkins in 2006 and considered<span> the largest privately owned sailing yacht in the world</span>.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>Construction of the new ship has been "shrouded in secrecy" since 2012, according to Frank, so not too many details about the yacht are available.<span style="font-size: 15px; line-height: 1.5em;"><br /></span></p><p>However, it will reportedly be called the "White Pearl," and will have a "soaring, open atrium that will rise three stories," a massive swimming pool, and a "design scheme that, in some sections, will be reminiscent of 'Pirates of the Caribbean.'"</p><p><span>Melnichenko, whose net worth is estimated at </span><a href="http://www.forbes.com/profile/andrey-melnichenko/">$8.4 billion</a><span>, founded fertilizer producer Eurochem, coal producer Suek, the power generator SGK, and pipe exporter TMK along with Sergei Popov.</span><br><br><span style="font-size: 15px; line-height: 1.5em;">This isn't the first mega-yacht </span><span style="font-size: 15px; line-height: 1.5em;">Melnichenko has</span><span style="font-size: 15px; line-height: 1.5em;"> built. He also has a 394-foot motor-yacht, simply named "A," which is filled with advanced technology, Baccarat crystal, and security systems.</span></br></br></p><p><span style="font-size: 15px; line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></span></p><p><span>It's unclear how much "White Pearl" will cost. But as a reference point, "A" cost somewhere between $250-$300 million.</span><span>  </span></p><p><strong><a href="http://www.cnbc.com/id/102795873">To check out more details on this mega-yacht, head over to CNBC &gt;</a><br /></strong></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/bethenny-frankel-huge-business-mistake-lost-millions-real-housewives-2015-5">How one simple mistake cost 'Real Housewives' superstar Bethenny Frankel millions</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="treGpzdDrlNasuxsLTPw1AeeqbEP3zlz" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "SUEK" and got 11 results

Tata Power’s international expansion now includes investment in Russia

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Russia's so desperate to get its billionaires and their massive wealth back that it just threatened to seize the assets of an oligarch worth $13 billion

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I'm a former Citi executive. The bank failed to react to the warning signs before the 2008 financial crisis, and its record on climate change shows it's making the same mistake again.

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