Rich and voiceless, Russia’s billionaires reached a record high during the war against Ukraine. Their wealth grew, but their political influence shrank. Over 25 years, Vladimir Putin stripped the rich of independent power. Once-feared oligarchs now avoid public opposition. This shift benefits the Kremlin. Western sanctions failed to create elite resistance. Pressure and privilege instead ensured loyalty.
The Kremlin maintains control through a combination of reward and threat. Loyalty brings access, protection, and profit. Defiance triggers immediate retaliation. Former banking billionaire Oleg Tinkov experienced this firsthand. One day after he called the war “crazy” online, officials contacted his executives. They issued a stark ultimatum. The state would seize his bank unless all ties were severed. Tinkov later said there was no room for negotiation. He described the process as coercion.
Within days, a company linked to Vladimir Potanin acquired the bank. Potanin ranks among Russia’s wealthiest businessmen. His companies supply nickel for fighter jet engines. Tinkov said the sale represented only three percent of its true value. He lost nearly nine billion dollars and soon left Russia.
When Wealth Meant Influence
Russia once followed a very different model. After the Soviet collapse, vast state assets passed into private hands. A small group exploited the chaos of early capitalism. They built massive fortunes and gained political influence. These men became known as oligarchs. Boris Berezovsky stood as the most powerful among them.
Berezovsky later claimed he helped engineer Putin’s rise in 2000. Years later, he publicly regretted his role. He admitted he failed to foresee a future autocrat. His influence may have been overstated, but oligarchs once shaped decisions at the highest level. In 2013, Berezovsky died in exile under mysterious circumstances. By then, oligarch political power had already disappeared.
A Kremlin Meeting Without Objection
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 knew their fortunes were at risk. Putin urged cooperation under new conditions. A journalist described the billionaires as pale and exhausted.
The months before the invasion caused sharp losses. The immediate aftermath worsened them. Between 2021 and April 2022, the number of billionaires dropped from 117 to 83. War, sanctions, and a weak rouble erased vast wealth. Collectively, they lost 263 billion dollars. On average, each lost more than a quarter of their fortune.
Profiting From Conflict
The following years shifted the landscape. Heavy military spending boosted economic growth. Russia posted 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 from war-driven market changes.
Forbes analyst Giacomo Tognini emphasized that business survival requires Kremlin ties. Any major enterprise depends on government cooperation. In 2025, Russia recorded a new high of 140 billionaires. Their combined wealth reached 580 billion dollars, just three billion below the pre-war peak.
Punishment as a Warning
Putin consistently punishes disloyalty. Russians remember Mikhail Khodorkovsky, once the country’s richest man. After funding a pro-democracy group, authorities arrested him. He spent ten years in prison. Since the invasion, almost all billionaires have 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 spark elite rebellion failed. Wealth endured. Dissent disappeared.
Sanctions That Secured Loyalty
Sanctions also closed escape routes. Moving money abroad became nearly impossible. Accounts froze. Properties were seized. Analyst Alexander Kolyandr argued this strengthened Kremlin control. Without alternatives, billionaires aligned closer to the state. Their capital now fuels war production.
The departure of foreign companies created opportunities. Kremlin-friendly businessmen quickly filled the vacuum. They acquired 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, this process created eleven new billionaires. Despite war and sanctions, Putin maintained firm control over Russia’s economic elite. In many ways, external pressure reinforced that grip.
