All articles tagged with #oligarchs
During Putin's 25-year rule, Russia's billionaires have maintained their wealth and influence despite Western sanctions and the war in Ukraine, largely due to Kremlin loyalty and strategic economic policies, with many benefiting from the conflict and its associated economic growth.
The Justice Department has announced a series of criminal and civil actions targeting sanctioned Russian oligarchs and individuals supporting the Kremlin and its military, with the aim of cutting off the flow of illegal funds fueling Putin's war in Ukraine. The enforcement actions, led by the Task Force KleptoCapture, have resulted in about 70 criminal cases against individuals and five against corporate entities, as well as the seizure of approximately $700 million worth of assets. The department also plans to transfer these assets to Ukraine or use them in aid. Additionally, the White House is set to announce a new sanctions package against Russia, aimed at holding President Vladimir Putin accountable for Russia's war in Ukraine and the death of opposition figure Alexey Navalny.
This article explores the rise of modern-day oligarchs, from Russian President Vladimir Putin to tech entrepreneur Elon Musk, examining their accumulation of wealth and power in different spheres. It delves into the similarities and differences between these influential figures, shedding light on their impact on global politics and business.
The Kremlin has expressed outrage after the U.S. announced it would be sending $5.4 million seized from sanctioned Russian oligarchs to Ukrainian veterans. The move comes just a day after Moscow's forces killed 16 civilians in Ukraine. While the U.S. State Department has not disclosed the specific individuals whose assets are being handed over, the amount matches that ordered seized from oligarch Konstantin Malofeyev, who was indicted for evading sanctions and running pro-Kremlin media outlets. This marks the first time funds confiscated from Kremlin allies are being redirected to Ukraine, with U.S. Secretary of State Antony Blinken stating that those who enabled Putin's aggression should pay for it.
Andrey Melnichenko, one of Russia's richest oligarchs, has described himself as a "pariah" in the United Arab Emirates (UAE) where he now resides after being sanctioned for attending a roundtable hosted by Vladimir Putin. Melnichenko, who made his fortune in coal and fertilizers, criticized the effects of Russia's invasion of Ukraine on his personal life and claimed there were "war crimes from both sides" in the conflict. Several other Russian oligarchs have also faced sanctions and experienced significant changes in their lives, including former Chelsea FC owner Roman Abramovich, who sold the club and now resides in Israel.
Andrey Melnichenko, one of Russia's wealthiest individuals, has described himself as a "pariah" in the UAE, where he now resides after being sanctioned due to his attendance at a roundtable hosted by Vladimir Putin. Melnichenko, who made his fortune in coal and fertilizers, criticized the impact of Russia's invasion of Ukraine on his personal life and claimed to have no involvement in politics or the promotion of war. Several other Russian oligarchs have also faced significant changes in their lives and net worth due to sanctions imposed on them.
Ukraine's retention of democracy and peaceful turnover of power has made it a threat to Putin's autocratic regime, leading to his invasion in 2022. The author argues that Ukraine's oligarchs, while flawed, have played a crucial role in maintaining this democracy and should be supported rather than demonized.
Former CIA chief James Olson believes that Russian President Vladimir Putin could be ousted from power due to a strong undercurrent of opposition in the military and among oligarchs, as well as the huge loss of life suffered by Russia's troops in the Ukraine war. Olson believes that Putin will either be killed or removed from power, and would not rule out assassination. Disgruntled military leaders could be the source of an uprising against Putin, and if they do that, Olson sees Putin as a "dead man walking."
Some of Putin's top officials and influential oligarchs are secretly against the war in Ukraine, according to former NATO intelligence chief Mikk Marran. Marran said tensions are growing within the Kremlin, but Putin still has a good grip on power. Reports suggest that 15 top businessmen withdrew from the Russian Union of Industrialists and Entrepreneurs, including billionaires Araz Agalarov, Leonid Fedun, and Alisher Usmanov. Marran said the oligarchs might be unhappy, but they are still worried about their businesses. Despite the problems caused by the war and Western sanctions, the prospects for the current regime collapsing and the country democratising are slim, according to Estonia's Foreign Intelligence Service.