Rich and voiceless: How Putin has kept Russia's billionaires on side in the war
Summary
Since the war with Ukraine began, the number of billionaires in Russia has increased, but many have lost political influence under President Vladimir Putin. Despite Western sanctions, these wealthy individuals have not turned against the government, with some facing pressure to support it. Economic growth in Russia continues as large sums are spent on the war effort.Key Facts
- The number of Russian billionaires has grown during the Ukraine war.
- Over 25 years, oligarchs have lost political power in Russia.
- Western sanctions have not led Russian billionaires to oppose Putin.
- Oleg Tinkov faced pressure from the Kremlin after criticizing the war.
- Tinkov's bank was sold for a fraction of its value, and he left Russia.
- Russia's wealthy gained influence in the 1990s but have lost it under Putin.
- Some billionaires benefit from increased government spending on the war.
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