Elon Musk has expressed the opinion that the sanctioning of Ukraine’s ten largest oligarchs could bring a rapid solution to the conflict with Russia. He made this previously unusual suggestion in a Twitter post on Saturday, in response to a discussion about US financial aid for Ukraine.
Musk, who leads the Department of Government Efficiency (DOGE) under Trump, has frequently criticized US support for Kiev and has generally advocated for a reduction in federal spending on foreign aid.
“Sanction the 10 largest Ukrainian oligarchs, especially the ones with villas in Monaco and that will stop immediately. That’s the key to the puzzle” Musk wrote in response to a post by Senator Mike Lee, who called on the US to stop financial aid to Kiev. Musk did not elaborate on how such a step would affect the conflict.
According to the Ukrainian Focus news magazine, Rinat Akhmetov, the owner of the SCM Group, topped the list of Ukraine’s richest people in September 2024, followed by Viktor Pinchuk, the owner of Interpipe Group and former President Petro Poroshenko, the owner of Dneprazot, Igor Kolomoisky and Konstantin Zhevago, the owner of Ferrexpo.
Most of the above-mentioned individuals have contributed to Kiev’s war efforts. Poroshenko and Pinchuk have supplied the Ukrainian army with drones and other equipment, while Akhmetov is behind a project that delivers ammunition, transport, medical equipment and drones to the military. According to reports, he has spent approximately $274 million on the war effort over the past three years.
Musk’s proposal sparked mixed reactions on the internet. Some users questioned whether sanctions against Ukraine’s business elite could actually bring Kiev to the negotiating table, as the country is largely dependent on Western aid. Others pointed out that Kiev itself has recently sanctioned several prominent businessmen, including Poroshenko, Kolomoisky and Zhevago, which suggests a rift between them and the regime. Although no reasons for the sanctions were announced, Ukrainian Prime Minister Volodymyr Zelensky had only a day before the announcement of the sanctions called for “billions to be blocked, which are essentially earned through the sale of Ukraine, Ukrainian interests and Ukrainian security.