Oligarchs Take Charge to Fight Coronavirus
By the first week in May, Russia had more than 450,000 reported cases of coronavirus and over 5,500 deaths. At least half of these cases were in Moscow, which is not only the capital of Russia but also the economic hub of the country. The coronavirus crisis is the greatest threat to the economy in decades and is a major stress test for the state. As the pandemic gained pace and healthcare systems began buckling, it became clear that everyone in Russia, who are able to, should step up to help in the fight against Covid-19.
A Rapid and Generous Response
Oligarchs throughout Russia began rising up against the pandemic. With enterprises in dozens of cities across the country, oligarchs provide employment for millions of people and are playing a pivotal role in Russia’s battle with the pandemic, and in keeping the economy viable. Some are making massive financial contributions and providing relief efforts to fight the spread of coronavirus while others are by wielding political clout to urge authorities to act firmly and with resolve. Here are examples of what the benevolent billionaires are doing to battle the century’s biggest health crisis.
Shutdowns
Aleksei Mordashov, a billionaire in the steel industry, called on regional governors to lock down cities in which he operates. He asked that restrictive measures be implemented as quickly as possible and offered his company’s help to make this happen. Mordashov was instrumental in arranging the lockdown of Cherepovets, a city in north-central Russia. Fertilizer magnate Andrei Guryev shut an airport and resort he owns down to limit travel to arctic cities where he has a phosphate mining operation.
Generous Financial Support
Despite being hit hard by American sanctions in recent years, Oleg Deripaska, a tycoon in the metal industry, is funding construction of three new medical facilities in Siberia geared for coronavirus treatment. Gennady Timchenko, another oligarch under sanctions, has committed $17 million to coronavirus relief efforts. Alfa-Bank owners Mikhail Fridman, Petr Aven and German Khan made a $13 million donation. Vladimir Potanin, a mining magnate and owner of Interros, contributed a staggering $150 million to the battle.
Relief Efforts
In addition to making a sizable donation, Gennady Timchenko also announced he would buy PPE equipment, ventilators and CT scanners for hospitals in Russia. Nornickel, a mining company mainly owned by Vladimir Potanin, Oleg Deripaska and Roman Abramovich, sent a shipment of mining supplies to northern Russia. Besides helping with shutdowns, Alexei Mordashov’s company, Severstal Steel, also donated ventilator masks to police officers and mobile housing units to be used at quarantine checkpoints.
Severstal also committed to supporting residents of Cherepovets who lost income due to the crisis with grocery store vouchers valued at around $80 for every member of the household, a generous stipend considering the minimum wage in Russia is around $180. Several employees of Severstal were drafted to join police patrols and software engineers shifted focus to design an application that helps the city to monitor compliance with quarantine regulations.