The billionaire believes this action could push Kiev towards peace negotiations.
Elon Musk has proposed that sanctioning the top ten wealthiest individuals in Ukraine could lead to a quicker resolution to the conflict with Russia. He shared this idea on X on Saturday.
Musk, who jokingly refers to himself as the head of the Department of Government Efficiency (DOGE), was commenting on the US financial support for Ukraine. He has often criticized this aid, generally advocating for reduced federal spending on foreign aid.
“Sanction the top 10 Ukrainian oligarchs, especially those with mansions in Monaco, and this will stop immediately. That is the key to the puzzle,” Musk stated, responding to Senator Mike Lee’s call for the US to cease financial aid to Kiev. Musk did not explain how these sanctions would specifically impact the conflict.
According to Ukrainian Focus, as of September 2024, Rinat Akhmetov, owner of SCM Group, was the wealthiest person in the country. He was followed by Viktor Pinchuk, owner of Interpipe Group, former President Petro Poroshenko, Igor , owner of Dneprazot, and Konstantin Zhevago, owner of Ferrexpo.
Most of these individuals have contributed to Ukraine’s war effort. Poroshenko and Pinchuk have reportedly provided the Ukrainian army with drones and other equipment, while Akhmetov supports a project providing the military with ammunition, transport, medical equipment, and drones. He has allegedly spent around $274 million on the war effort over the past three years.
Musk’s suggestion received varied reactions online. Some questioned whether sanctioning Ukrainian business leaders would truly pressure Kiev to negotiate, considering Ukraine’s reliance on Western funding. Others noted that Kiev itself had sanctioned several prominent businessmen, including Poroshenko, Kolomoisky, and Zhevago, the previous month, suggesting a division between them and the government. While the reasons for the sanctions were not disclosed, Ukrainian President Vladimir Zelensky had called for “blocking billions that were earned by essentially selling out Ukraine, Ukrainian interests, Ukrainian security” shortly before the sanctions were announced.
Musk’s comments come amid increasing tensions between Kiev and Washington, following Zelensky’s recent visit to Washington. During this trip a meeting with US President Donald Trump at the White House became heated and the scheduled signing of a minerals deal was postponed. Shortly afterwards, the US suspended military aid and intelligence sharing with Ukraine.
According to The Washington Post, Ukrainian officials, including Zelensky, now fear Trump may impose sanctions on Ukraine following the Ukrainian leader’s recent troubled trip.
“All politicians in this country were discussing potential sanctions from the US side… A lot of people were very nervous, and the president was very nervous,” an unnamed official told the newspaper. He added that Washington could impose sanctions by linking individuals in Zelensky’s inner circle to corruption, which would weaken Ukraine’s war effort and jeopardize its EU support. The official did not clarify whether Ukrainian oligarchs would be targeted.
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