U.K. sanctions Russian rubber, petrochemical executives

LONDON—The United Kingdom government has sanctioned four Russian oligarchs, including two officials connected to Tatarstan's major oil and petrochemicals tycoon TAIF Group, for their roles in supporting Moscow's war against Ukraine.

In a statement Nov. 2, the government said the sanctions were imposed on the four individuals for "their involvement in sectors of major significance to Putin's military machine."

According to the statement, Albert Shigabutdinov, who has an estimated global net worth of $1.1 billion, will be subject to travel bans, asset freezes and transport sanctions.

Shigabutdinov, the statement added, is "the general director and chief executive officer (CEO) of TAIF Group and controls an estimated 96 percent of chemical and petrochemical processing in the Tatarstan region of Russia."

According to the TAIF website, Albert Shigabutdinov is currently the principle development advisor to general director Ruslan Shigabutdinov.

With net worth of over $1 billion, Airat Shaimiev, TAIF co-owner and CEO of transport company Tatavtodor, also has been included in the sanctions and will be subject to travel bans, asset freezes and transport sanctions.

Both individuals have been sanctioned for being "involved in obtaining a benefit from or supporting the government of Russia" by working as the CEOs of their respected companies.

Based in Russia's Tatarstan region, TAIF is a major crude and energy company and is also known as "one of the world's largest producers of synthetic rubber and a major producer of plastics," according to the government announcement.

In December last year, TAIF and another Russian petrochemical giant Sibur merged their petrochemical assets to—among other goals—create "the world's fifth manufacturer of synthetic rubber and polyolefin products."

TAIF's assets included major rubber and materials producer Nizhnekamskneftekhim, with the capacity to produce 800,000 metric tons per year (800 ktpa) of elastomers, and polyethylene manufacturer Kazanorgsintez.

The group's share in Russia's 2020 total output of rubbers and plastics was 64 percent and 28 percent, respectively.

Other oligarchs included in the latest round of sanctions were Alexander Abramov and Alexander Frolov, known for owning major stakes in Russian steel manufacturer Evraz.