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The US sanctions on Russia hurt Putin's wealthy allies.

Business InsiderBusiness Insider
Russian billionaire and businessman Mikhail Fridman horizontal headshot.
Sanctioned Russian oligarch Mikhail Fridman saidMikhail Svetlov/Getty Images
  • Russian billionaire Mikhail Fridman told El Pais that he cannot go anywhere because of sanctions.

  • The billionaire needs to apply to the UK government to spend money.

  • He is not sure if the allowance will be enough to live a normal life.

Spanish newspaper El Pais reported on Tuesday that Russian billionaire Mikhail Fridman is under house arrest because of sanctions.

The UK and the European Union have imposed sanctions on London-based Fridman, along with many other Russian officials. He can't access his fortune because his bank accounts, credit cards, and ATM cards have been blocked.

He told El Pais that authorities in Great Britain have to assign him a certain amount so he can take taxis and buy food, but it will be a very limited amount if you look at the cost of living in London. Fridman is one of the richest people in Russia, with an estimated net worth of $10.4 billion.

He told the news agency that if his application is approved, he could be getting 2,500 British pounds a month.

In an interview with El Pais, he said he wasn't sure an allowance would be enough to live a normal life.

I can not take anyone to a restaurant. He told the Spanish media outlet that he was under house arrest because he had to eat at home. He bought a five-acre Victorian-era estate for $85 million.

I don't know if I will be able to keep the mansion.

The tycoon was not happy with the treatment he received since the war began.

Fridman told El Pais that he has invested billions of dollars in Great Britain and other European countries and that the response to this is that they will throw him out.

Fridman says that sanctions against private business people are unfair and ineffective. He told El Pais thatsanctions against private entrepreneurs make no sense because they have built their businesses through talent, effort and personal qualifications.

He told the Spanish newspaper it was "idiotic" to believe that the Russians could force Putin to end the war. The war was described in terms like a disaster or what is happening.

If it forces many brilliant and interesting entrepreneurs to go to Russia instead of integrating them more and trying to get them to take a stand, things will not go any better for the West.

The original article is on Business Insider.

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