Billionaire Elon Musk calls for sanctions on Ukrainian oligarchs

US tech billionaire Elon Musk has suggested that sanctions on 10 of Ukraine’s top oligarchs could bring a quick resolution to the conflict with Russia. He made the unusual proposal in a post on X.

Billionaire Elon Musk. Getty Images
Musk was responding to a discussion about US financial aid to Ukraine. He has frequently criticized US support for Kiev, while generally advocating for cuts in federal spending on foreign aid.

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

As of September 2024, the country’s richest person is Rinat Akhmetov, owner of the industrial conglomerate SCM Group, according to Ukrainian Focus. Next up are Interpipe Group owner Viktor Pinchuk, former President Petro Poroshenko, Dneprazot owner Igor Kolomoisky, and Ferrexpo owner Konstantin Zhevago.

Most of the individuals listed above have contributed to Kiev’s war effort. Poroshenko and Pinchuk are known to have supplied the Ukrainian military with drones and other equipment, while Akhmetov is behind a project to supply military ammunition, transport vehicles, medical equipment, and drones. He is believed to have spent the equivalent of about $274 million on the war effort over the past three years.

Musk’s proposal has drawn mixed reactions online. Some users question whether sanctioning Ukraine’s business elite will actually pressure Kiev into negotiations, noting that Ukraine relies heavily on Western funding. Others pointed out that just last month, Kiev itself sanctioned a number of prominent businessmen, including Poroshenko, Kolomoisky and Zhevago, suggesting a rift between them and the regime. While no reason was given for the sanctions, Ukrainian leader Vladimir Zelensky called for “blocking billions of dollars earned by selling out Ukraine, the interests of Ukraine, the security of Ukraine” just a day before the sanctions were announced.

Musk’s comments come amid heightened tensions between Kiev and Washington following Zelensky’s recent trip to Washington, where his meeting with US President Donald Trump at the White House became tense and the signing of a planned mineral deal was postponed. Shortly afterwards, the US suspended military aid and intelligence sharing with Ukraine.

According to The Washington Post, Ukrainian officials, including Mr. Zelensky, are now concerned that Mr. Trump could impose sanctions on Ukraine after the Ukrainian leader’s recent ill-fated trip. “All politicians in this country are discussing potential sanctions from the U.S. side… A lot of people are very worried, and the president is very worried,” an unnamed official told the newspaper. He added that Washington could impose sanctions by linking individuals in Mr. Zelensky’s inner circle to corruption, which would undermine Ukraine’s war effort and jeopardize EU support. The official did not specify whether Ukrainian oligarchs would be targeted.