EU Weighs Sanctions on Oleg Deripaska, Herman Gref and Other Russian Tycoons

(Bloomberg) -- The European Union is discussing Wednesday whether to sanction Oleg Deripaska, a wealthy Russian aluminum tycoon, in its next round of penalties, along with several other key business figures, according to people familiar with the discussions.

Deripaska, who has been under U.S. sanctions since 2018, owns an industrial conglomerate that includes a major army and military equipment provider to Russia's military.

Said Kerimov, who controls Polyus PJSC, Russia's largest gold producer, is being considered for sanctions as well. He is the son of sanctioned billionaire Suleiman Kerimov, but the mining firm managed to stay away from the penalties since its ownership had been transferred to Said Kerimov. Another expected target: Herman Gref, the CEO of Sberbank and an adviser to Putin, who is already sanctioned by the U.S. and the U.K.

The proposed list, which still needs to be approved by European governments and could change before that happens, also includes Putin's daughters and some spouses and former spouses of already sanctioned Russians.

Sanctioning Putin's daughters, Katerina and Maria, is largely a symbolic move since it's unclear they have significant assets outside of Russia, but it's designed to get the president's attention.

The listings are part of the EU's fifth sanctions package, which EU ambassadors are debating Wednesday. It includes a ban on Russian coal, and would ban most Russian trucks and ships from entering the EU. The sanctions are being coordinated with the U.S. and the U.K.