Some of the world’s wealthiest people, including a number of high profile business leaders from Russia and Ukraine, have voiced their concerns about the current crisis in Ukraine, calling for a peaceful solution to the conflict.

Some of the world’s wealthiest people, including a number of high profile business leaders from Russia and Ukraine, have voiced their concerns about the current crisis in Ukraine, calling for a peaceful solution to the conflict.

In an open letter on the Virgin website, UK billionaire and founder of Virgin Group Richard Branson along with 15 other business leaders, has urged governments to work together to prevent a return to the “Cold War misery of the past”.

“Nobody wants to see a return to those dark days. As concerned business leaders from Russia, Ukraine and the West we encourage our governments to compromise and find a peaceful solution to the current conflict. If we can help in the process we’re happy to do so,” Branson said in the letter.

Other business leaders that signed the letter include Jeff Skoll, the founding president of eBay, Unilever chief executive Paul Polman, Russian tycoon and founder of Novikov Group Arkady Novikov, and Ukranian billionaire Victor Pinchuk.

“Already, citizens and economies on either side are impacted. As the world has become more and more interconnected, we have an opportunity to advance peaceful solutions that will bring about a better future for all. As responsible leaders, we must ensure that differences are resolved peacefully, through dialogue and diplomacy, and with respect for both national sovereignty and the right of all human beings to live in peace,” the letter said.

Branson has said in interviews that he has spoken to nearly 100 Russian business people, who are affected and upset by what is happening and are seeking a solution to the crisis.

The letter comes at a time when relations between the West and Russia are at their lowest since the Cold War.

Following the annexation of Crimea by Russia in April, the growing separatist conflict in Ukraine has seen the death toll reach nearly 2000 as the government seeks to gain control of the region. Western nations have accused Moscow of supporting the separatists, allegations which Russia has denied.

Tensions with Moscow have recently escalated following the downing of flight MH17 last month. In response, the EU and US governments agreed to impose a new round of sanctions against Russia, targeting its oil, defence and finance industries, over the country’s alleged backing of separatists in Ukraine.

The issue of a sanctions crackdown on such individuals has potential implications for the wealth management industry that has secured business from Russians and other wealthy individuals from the former Soviet Union and Eastern Europe in recent years. For details of a recent article examining how deeply the sanctions will bite, click here.