Rich and voiceless, Russia’s billionaires reached a historic high during the war against Ukraine. Their wealth increased, but their political influence all but vanished. Over 25 years, Vladimir Putin stripped the rich of independent power. Once-feared oligarchs now avoid public opposition. This reality serves the Kremlin perfectly. Western sanctions failed to turn the elite into opponents. Pressure and privilege instead ensured their loyalty.
The Kremlin enforces control through reward and threat. Loyalty brings protection, access, and profit. Defiance brings immediate punishment. Former banking billionaire Oleg Tinkov experienced this system firsthand. One day after calling the war “crazy” online, officials contacted his executives. They issued a clear ultimatum: the state would seize his bank unless all ties ended. Tinkov later said negotiation was impossible. He described the process as coercion.
Within days, a company linked to Vladimir Potanin acquired the bank. Potanin ranks among Russia’s richest businessmen. His firms supply nickel used in fighter jet engines. Tinkov said the deal reflected only three percent of the bank’s true value. He lost nearly nine billion dollars and soon left Russia.
From Oligarch Power to Kremlin Control
Russia once followed a different path. After the Soviet collapse, vast state assets passed into private hands. A small group exploited the chaos of early capitalism. They amassed enormous fortunes and political influence. These men became known as oligarchs. Boris Berezovsky emerged as the most powerful among them.
Beresovsky later claimed he helped engineer Putin’s rise in 2000. Years later, he publicly expressed regret. He admitted he failed to foresee a future autocrat. His role may have been overstated, but oligarchs once shaped high-level decisions. In 2013, Berezovsky died in exile under mysterious circumstances. By then, oligarch political power had already disappeared.
A Kremlin Gathering Without Dissent
On 24 February 2022, Putin summoned Russia’s richest figures to the Kremlin. Hours earlier, he ordered the full invasion of Ukraine. None openly objected. They understood their wealth was at risk. Putin urged cooperation under new conditions. A journalist described the billionaires as pale and exhausted.
The months leading to the invasion caused sharp losses. The immediate aftermath worsened the situation. Between 2021 and April 2022, the number of billionaires dropped from 117 to 83. War, sanctions, and a weak rouble erased vast fortunes. Collectively, they lost 263 billion dollars. On average, each lost more than a quarter of their wealth.
War as a Business Opportunity
The following years shifted the landscape. Heavy military spending boosted economic growth. Russia recorded growth above four percent in 2023 and 2024. Many billionaires benefited, even those without direct defence contracts. In 2024, over half of Russia’s billionaires supported military supply chains. Others profited indirectly from war-driven economic changes.
Forbes analyst Giacomo Tognini emphasized that business survival requires Kremlin ties. Any major enterprise depends on government cooperation. In 2025, Russia reached a record 140 billionaires. Their combined wealth reached 580 billion dollars, just three billion below the pre-war peak.
Punishment as a Tool of Control
Putin consistently punishes disloyalty. Russians remember Mikhail Khodorkovsky, once the country’s richest man. After funding a pro-democracy organisation, authorities arrested him. He spent ten years in prison. Since the invasion, almost all billionaires stayed silent. Those few who spoke out fled Russia, abandoning much of their wealth.
Despite sanctions, billionaires remain central to the war economy. Many face asset freezes and travel bans abroad. Western efforts to provoke elite opposition failed. Wealth endured. Public dissent disappeared.
Sanctions That Reinforced Loyalty
Sanctions also blocked escape routes. Moving money abroad became nearly impossible. Accounts froze. Properties were seized. Analyst Alexander Kolyandr said this strengthened Kremlin control. Without alternatives, billionaires aligned closer to the state. Their capital now supports war production.
The departure of foreign companies created new opportunities. Kremlin-friendly businessmen quickly filled the vacuum. They bought valuable assets at discounted prices. Economist Alexandra Prokopenko described a new loyal elite. Their prosperity depends on confrontation with the West. Their greatest fear remains the return of former owners.
In 2024 alone, eleven new billionaires emerged through this process. Despite war and sanctions, Putin maintained firm control over Russia’s economic elite. In many ways, external pressure strengthened that grip.
