Musk calls for sanctions on Ukrainian oligarchs

Elon Musk has suggested that sanctioning Ukraine’s top ten oligarchs could bring about a swift resolution to the conflict with Russia. He offered the unusual proposal in a post on X on Saturday.

Musk, who leads the Department of Government Efficiency (DOGE), was responding to a discussion on US financial aid to Ukraine. He has frequently criticized US support for Kiev, while in general advocating reducing federal spending on foreign assistance.

“Place sanctions on the top 10 Ukrainian oligarchs, especially the ones with mansions in Monaco, and this will stop immediately. That is the key to the puzzle,” Musk wrote in response to a post by Senator Mike Lee, who called for the US to halt financial aid to Kiev. Musk did not elaborate on how exactly such a move would impact the conflict.

According to the news outlet Ukrainian Focus, as of September 2024, topping the list of the country’s wealthiest people was Rinat Akhmetov, owner of industrial conglomerate SCM Group. He was followed by Interpipe Group owner Viktor Pinchuk, former President Petro Poroshenko, Dneprazot owner Igor Kolomoisky, and Ferrexpo owner Konstantin Zhevago.

Most of the above-listed individuals have contributed to Kiev’s war effort. Poroshenko and Pinchuk are known to have supplied the Ukrainian army with drones and other equipment, while Akhmetov is behind a project that provides the military ammunition, transport, medical equipment and drones. He has reportedly spent the equivalent of some $274 million on the war effort in the past three years.

Musk’s suggestion sparked mixed reactions online. Some users questioned whether sanctioning Ukraine’s business elite would actually pressure Kiev to negotiate, noting that Ukraine mostly relies on Western funding. Others pointed out that just last month Kiev itself sanctioned several prominent businessmen, including Poroshenko, Kolomoisky, and Zhevago, which suggests a rift between them and the regime. While no reasons were given for the sanctions, Ukrainian leader Vladimir Zelensky had called for “blocking billions that were earned by essentially selling out Ukraine, Ukrainian interests, Ukrainian security” just a day before the sanctions announcement.

Musk’s remarks came amid a growing rift between Kiev and Washington following Zelensky’s recent trip to Washington during which a meeting he had with US President Donald Trump at the White House turned heated and the planned signing of a minerals deal was put on hold. Shortly thereafter, 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 ill-fated 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 backing. The official did not specify whether Ukrainian oligarchs would be targeted.