When he devised Russia’s infamous “loans for shares” programme in the 1990s, Vladimir Potanin leveraged his political influence and banking clout to snap up valuable state industrial assets on the cheap.
Now, as western sanctions over the invasion of Ukraine hobble fellow oligarchs, Potanin is tapping his fortune to buy stakes in major Russian banks being sold by western groups fleeing the country and those on the wrong side of President Vladimir Putin.
Unlike 30 years ago, say analysts, Potanin is bringing assets back under the Kremlin’s purview — and they say he has been able to do so because of his outsized importance to global metal markets helping keep him off important sanctions lists.
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