WSJ News Exclusive | Sanctioned Russian Oligarch Explores Ways to Ease the Pain of Restrictions

One of Russia’s richest men is exploring options to restructure ownership of his businesses to ease the burden of Western sanctions, according to people familiar with the matter.

Steel magnate Alexey Mordashov, who was sanctioned by the U.S., the European Union and the U.K. in the wake of Russia’s invasion of Ukraine, has engaged advisers to work out how he might be able to free up assets and ensure longer-term ownership of some businesses currently restricted by those sanctions, these people said. The effort represents an early attempt by a sanctioned Russian oligarch to reach a deal with Western officials to lessen the sting of those restrictions.