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Sanctions are counterproductive for countries imposing them, says Russian business magnate

October 01, 3:06 UTC+3 MAGADAN

Alisher Usmanov also pointed out that he still had "many assets in large and small western countries"

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Alisher Usmanov

Alisher Usmanov

© EPA/YURI KOCHETKOV

MAGADAN, October 1. /TASS/. Imposing sanctions is not the best way to influence countries and businessmen, such measures are counterproductive for the states that take them, Russian business magnate Alisher Usmanov said in an interview with Nailya Asker-zade, the host of Rossiya-1’s Deistvuyushchiye Litsa (Political Actors).

"I don’t think that sanctions are the best way to influence others’ behavior, particularly when these others are businessmen, who often times have nothing to do with political processes," said Usmanov, the owner of USM Holding and one of those on the so-called "Kremlin list" of businessmen who risk facing US sanctions. "What does a respectable head of a state corporation or a shareholder has to do with all that? Better punish the organization," he added.

"Trying to use sanctions in order to influence countries is a method nor appropriate in the world of today, where we need to think more about how to pool our efforts in combating serious challenges," Usmanov said. In his view, "it is first and foremost counterproductive for the countries that impose" sanctions.

Usmanov also pointed out that he still had "many assets in large and small western countries." When asked if he was concerned about the possible difficulties related to those assets if he was targeted with personal sanctions, Usmanov said that he was ready to face any circumstances.

Usmanov’s name has been included in the so-called "Kremlin list" compiled by the US Congress. Each of the businessmen on the list has a fortune of over $1 bln and may face US sanctions.

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