joining the World Trade Organization. He is also responsible for creation of the Stabilisation Fund. Gref was considered as one of the liberal reformers in Vladimir Putin's administration of the early and mid-2000s, besides Alexei Kudrin. Gref has repeatedly spoken out against the monopolization of the oil and gas sector of the economy. Gref resigned as minister in 2007 along with Mikhail Fradkov's government. At various times he was a member of the board of directors of such state-owned companies as Gazprom, Aeroflot, Rosneft, Svyazinvest, etc. In January 2018, Gref was added to the US Treasury's "Kremlin list", a list of 210 officials, politicians and businessmen believed to be close to Vladimir Putin. According to the US Department of Treasury, the list is not a sanctions list and no restrictions are automatically imposed on its subjects. He was later subjected to full U.S. Treasury sanctions following the 2022 Russian invasion of Ukraine. In January 2022, Gref, Elvira Nabiullina, and other economic advisors delivered to President Putin a report on Western sanctions as well as the effect on the Russian economy if sanctions escalated due to the Russian military buildup on Ukraine's borders. Gref is said to have warned of serious economic impacts, but if he was attempting to dissuade Putin from proceeding with further escalation, this failed after the 2022 Russian invasion of Ukraine began a month later. In April 2022, Gref was added to the European Union sanctions list "in response to the ongoing unjustified and unprovoked Russian military aggression against Ukraine and other actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine". Work as CEO of Sberbank In November 2007 Gref was elected as president of the state-owned savings bank Sberbank at an extraordinary general meeting. Under Gref's leadership, the bank has undergone a number of radical changes aimed at improving its efficiency and corporate culture. In 2010, speaking at the Davos Economic Forum, Gref spoke in favor of reducing the state's stake in the capital of Russian banks; in particular, he proposed reducing the state stake in Sberbank from 57.6 percent to 50 percent plus one share. In March of the following year, the sale of a 7.58 percent stake in Sberbank was approved by the National Banking Council, and in September 2012 the shares were sold on the stock exchange for $5.22 billion. In 2019 the shareholders of Sberbank re-elected Herman Gref for