Ukrainian and Russian diplomats to meet on Belarusian border

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On the third day of fighting, President Putin increased tensions after ordering his military to put nuclear deterrence forces on high alert after NATO countries issued what Putin calls “aggressive statements”. Western nations increased their sanctions against Russia on Saturday, including removing certain Russian banks from Swift, freezing the assets of Russia’s central bank, and targeting more elites and officials (and their families) who have a close connection to the Russian government.

The two billionaires are the first of Russia’s elite to speak out in support of Ukraine against Putin’s unprovoked attack.

Mikhail Fridman controls LetterOne, a private equity firm and was one of the founders of Russia’s largest private bank, Alfa Bank.

Mr Fridman is one of the richest men in Russia and was 128th on the richest person in the world list in 2021.

He sent an email to his staff at the private equity firm in which he described the conflict as a “tragedy” and laid out his Ukrainian roots, the Financial Times reported.

He wrote: “I was born in Western Ukraine and lived there until I was 17. My parents are Ukrainian citizens and live in Lviv, my favourite city.”

Mr Fridman added: “But I have also spent much of my life as a citizen of Russia, building and growing businesses. 

“I am deeply attached to Ukraine and Russian peoples and see the current conflict as a tragedy for them both.”

Neither Mr Fridman nor Mr Deripaska directly criticised the Russian President in their protests against the invasion but have added to the fracturing of the Russian elite from the President’s actions.

Fridman concluded: “I do not make political statements; I am a businessman with responsibilities to my many thousands of employees in Russia and Ukraine. 

“I am convinced, however, that war can never be the answer. This crisis will cost lives and damage two nations who have been brothers for hundreds of years.

“While a solution seems frighteningly far off, I can only join those whose fervent desire is for the bloodshed to end.”

On February 21, Mr Deripaska declared there would be no attack on Ukraine and was proven wrong three days later. 

Putin ally and Russian tycoon Oleg Deripaska founded Rusal, the Russian aluminium giant, which he continues to have shares in via a London-listed company EN+ Group.

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The billionaire who has been on the US sanctions list since 2018 called for peace talks to begin “as fast as possible” on a post on Telegram, a messaging app. 

He said: “Peace is very important! Negotiation must begin as quickly as possible.”

Deripaska was given his wish as the Ukrainian President’s office posted on Telegram that negotiations between the two countries would take place on the Belarusian-Ukrainian border at an unspecified time.

An anonymous Russian billionaire spoke to Reuters and said that the war “is going to be catastrophic in all senses: for the economy, for relations with the rest of the world, for the political situation”.

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