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Sanctions ground Russian tycoon's US-made jet Many Russians stranded as tour firm Labirint fails
(about 2 hours later)
A Russian billionaire businessman close to President Vladimir Putin says he cannot use his luxury American Gulfstream jet because of US sanctions. As many as 27,000 Russian tourists are stranded abroad after a Russian tour firm, Labirint, suspended operations.
Gennady Timchenko, reckoned to have a fortune of $14.4bn (£11.4bn), owns big stakes in gas and infrastructure firms. A company statement (in Russian) blamed the move on a deterioration in the rouble exchange rate and the "negative political and economic situation".
He is among dozens of Russians hit by sanctions over the Ukraine conflict. There are signs that EU-US sanctions on Russia over the Ukraine crisis are hurting the wider economy, including Western investment in Russia.
Some 27,000 Russian tourists have reportedly been stranded abroad without return tickets after a tour company went bust. A Russian tycoon says his executive jet is grounded because of US sanctions.
Mr Timchenko told Russia's Itar-Tass news agency that Gulfstream was no longer servicing his jet and the pilots were not allowed to use its navigation equipment. Billionaire businessman Gennady Timchenko - close to President Vladimir Putin - told Russia's Itar-Tass news agency (in Russian) that Gulfstream was no longer servicing his jet and the pilots were not allowed to use its navigation equipment.
He added that he was used to flying worldwide to do business and had lived abroad for long periods in the past 25 years, but "now in effect I've stopped travelling abroad". He is reckoned to have a fortune of $14.4bn (£11.4bn), owning big stakes in gas and infrastructure firms. He is among dozens of Russians hit by sanctions over the Ukraine conflict.
An agency assisting Russian tourists, Turpomoshch (Tour Help), said in a statement (in Russian) it is now trying to book Russians onto return flights in various countries, including Bulgaria, Egypt and Tunisia.
Labirint's sudden failure on Saturday left some 27,000 Russian tourists without return tickets, Turpomoshch said.
Anxious Labirint customers are bombarding Turpomoshch with calls at a rate of five per minute, the agency says, adding that "our managers are working flat-out" to help them.
Another reason Labirint gave for its move was the Russian state's advice that military or security service officials should not go abroad.
Last month another Russian tour operator, Neva, also went bust.
In other sanctions-related developments:
The EU and US have blacklisted dozens of Russian individuals and firms considered to be undermining Ukrainian sovereignty. The first round of sanctions was imposed in March after Russia annexed Ukraine's Crimea peninsula. Top pro-Russian separatists in Ukraine are also blacklisted, hit by Western visa bans and asset freezes.
Mr Timchenko said he was used to flying worldwide to do business and had lived abroad for long periods in the past 25 years, but "now in effect I've stopped travelling abroad".
He was a founder of Gunvor, a global commodities trading firm, but sold his 43% stake just before he was hit by sanctions in March.He was a founder of Gunvor, a global commodities trading firm, but sold his 43% stake just before he was hit by sanctions in March.
Mr Timchenko has a 23.5% stake in Novatek, Russia's second biggest gas producer, as well as controlling stakes in Volga Group and Stroytransgaz Group, which carry out major infrastructure projects.Mr Timchenko has a 23.5% stake in Novatek, Russia's second biggest gas producer, as well as controlling stakes in Volga Group and Stroytransgaz Group, which carry out major infrastructure projects.
EU-US financial sanctions are also affecting his business, he said, explaining that he no longer uses Visa or Mastercard credit cards.EU-US financial sanctions are also affecting his business, he said, explaining that he no longer uses Visa or Mastercard credit cards.
"I'm left with my Swiss medical insurance card, international driver's licence and Finnish ID card, which is like a passport. Also now I've got a Chinese Union card. As soon as the sanctions came in I got myself that card... and it works brilliantly!" he said."I'm left with my Swiss medical insurance card, international driver's licence and Finnish ID card, which is like a passport. Also now I've got a Chinese Union card. As soon as the sanctions came in I got myself that card... and it works brilliantly!" he said.
The EU and US have blacklisted dozens of Russian individuals and firms considered to be undermining Ukrainian sovereignty. The first round of sanctions was imposed in March after Russia annexed Ukraine's Crimea peninsula. Top pro-Russian separatists in Ukraine are also blacklisted, hit by Western visa bans and asset freezes.
Tourists stranded
Meanwhile, a Russian tour operators' association says that as many as 27,000 Russian tourists need to be evacuated from abroad because the Russian tour firm Labirint has suspended operations.
An agency assisting Russian tourists, Turpomoshch (Tour Help), said in a statement (in Russian) it is now trying to book Russians onto return flights in various countries, including Bulgaria, Egypt and Tunisia.
Labirint suspended operations on Saturday, citing the unfavourable rouble exchange rate, the negative political and economic situation in Russia and the state's recommendation that security officials should not go abroad, the Lenta.ru website reports.
In other sanctions-related developments: