Talk of Russian President Vladimir Putin's wealth has resurfaced following U.S. President Joe Biden's confirmation that sanctions on Russia, in the event of an invasion of Ukraine, would directly target Putin himself. The European Union, alongside the United States and the United Kingdom, plans to impose unprecedented painful sanctions on Moscow that will also affect the Russian president. For weeks, discussions have been ongoing within Western circles, which the White House describes as efforts to deter any Russian aggression, promising "severe consequences and heavy economic costs on Russia that will impact Vladimir Putin." However, how will sanctions be enforced on Putin without knowing the extent of his wealth? Notably, Washington has been searching for his assets since accusations arose in a U.S. intelligence report alleging that he facilitated a pro-Donald Trump influence campaign and interfered in American elections.
Since 2019, the U.S. Congress has been investigating Putin's wealth, prompted when some lawmakers proposed a bill requiring the U.S. Director of National Intelligence to provide a report on Putin's assets. This bill, titled "Transparency Regarding the Russian President," was introduced by Republican Representative Elise Stefanik and Democratic Representative Valdez Demings. According to the proposal, U.S. intelligence will work to prepare a detailed report on Putin's income sources, assets, bank accounts, and other business and real estate interests.
In response to sanctions, Putin stated that the West would impose new sanctions on Russia regardless, claiming a pretext would always be found. During a press conference with Belarusian President Alexander Lukashenko, he remarked: "Sanctions will be imposed in any case. Whether there is a pretext today related to developments in Ukraine or not, a pretext will be found because the goal is different; it is to slow down the development of Russia and Belarus,” according to "Russia Today."
Commenting on the sanctions, Russian affairs expert Ashraf Al-Sabbagh stated that enforcing sanctions on Putin would be largely symbolic and that the West's resort to this step could damage U.S.-Russia relations. He added to "Sky News Arabia": "It is a war of words between the two sides, and if sanctions target the Russian president, it will negatively impact the relations between the two countries, and Moscow’s response to the targeting of its leader would be harsh; it is a Western leverage against Moscow to retreat from invading Ukraine."
### Official Figures
In 2018, the Russian Election Commission published a financial report revealing the income of participants in the presidential elections at that time, including the current president, Vladimir Putin. The commission stated that Putin's income between 2011 and 2016 amounted to 38.5 million rubles, and he owns 13.8 million rubles across 13 bank accounts. Putin also holds 230 shares in "Saint Petersburg Bank," and his sources of income include his military pension, current salary, and returns from his bank accounts. As for real estate, it was noted that Putin owns an apartment in Saint Petersburg measuring 77 square meters, a garage of 18 square meters, and for personal use, he has a 153.7 square meter apartment in Moscow. He possesses three cars: two "Gaz M21" models from 1960 and 1965, along with a 2009 model "Niva," and a trailer from the 1987 "Skif."
### American Estimates
In May 2020, American reports estimated that Putin's net worth reached $200 billion, making him the richest head of state globally, known for his complete secrecy regarding his wealth. According to the American news network "Fox Business," sources revealed that Putin’s wealth far exceeds that of U.S. President Donald Trump, who has approximately $3.1 billion. It added that Kremlin statements asserting Putin earns about $133,000 and lives in a small apartment contradict most narratives regarding his lifestyle. According to the report, former Russian government advisor Stanislav Belkovski estimates Putin’s wealth at about $70 billion. Hedge fund manager Bill Browder, a staunch critic of Putin, claims he has over $200 billion. Over the years, Putin has been linked to other properties, most controversially described as the "secret palace," which reportedly cost $1 billion to build and features a private theater and a landing pad for three helicopters.
### The Yacht "Graceful"
Last week, a yacht owned by Putin left German waters where it was undergoing repairs, out of fear of being targeted by sanctions, according to the German newspaper "Bild." The massive yacht, named "Graceful," departed Hamburg Harbor suddenly before its repairs were completed. The newspaper noted that it remains unclear why the decision was made; however, the yacht, valued at $100 million, was transported from German waters to the Russian enclave of Kaliningrad due to fears of sanctions threatened by the West against Moscow. The yacht docked in Hamburg last year for refurbishments, including the addition of two forward balconies and an expanded swimming platform. According to the newspaper, the yacht is approximately 82 meters long and is equipped with a gym, a salon featuring a piano, a library, and an indoor swimming pool.
Commenting on the situation, Russian media and researcher Artyom Kapshuk told "Sky News Arabia" that "Western sanctions against Moscow are internally beneficial, as they could prompt conservative elites to cleanse the governance structure of the influences of the liberal elites inherited from the 1990s, which is something most Russians desire." He added that Putin does not make all decisions, and there is no expansive policy for Russia regarding its neighbors or ambitions in the region, asserting that Putin's dream to revive the Soviet Union's glory is merely a narrative fueled by the West. He emphasized that "Russia is defending itself and its security against the West's frenzied reaction to Russia's resurgence, which has unveiled every facade, inciting internal revolts and turmoil; punishing Putin is a strange leverage that Moscow will not yield to."
