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Russian oligarchs

September 27, 2023

Russian oligarchs (Russian: олигархи, tr. oligarkhi) are business oligarchs of the former Soviet republics who rapidly accumulated wealth in the 1990s via the Russian privatisation that followed the dissolution of the Soviet Union. The failing Soviet state left the ownership of state assets contested, which allowed for informal deals with former USSR officials (mostly in Russia and Ukraine) as a means to acquire state property.

A number of Russian oligarchs (from top left to bottom):

The Russian oligarchs emerged as business entrepreneurs under Mikhail Gorbachev (General Secretary 1985–1991) during his period of market liberalization.[1] Boris Berezovsky, a mathematician and formerly a researcher, became the first well-known Russian business oligarch.[2]

Oligarchs became increasingly influential in Russian politics during Boris Yeltsin's presidency (1991–1999); they helped finance his re-election in 1996. Well-connected oligarchs like Roman Abramovich, Michail Khodorkovsky, Boris Berezovsky and Vladimir Potanin acquired key assets at a fraction of the value at the loans for shares scheme auctions conducted in the run-up to the election.[3] Defenders of the out-of-favor oligarchs argue that the companies they acquired were not highly valued at the time because they still ran on Soviet principles, with non-existent stock control, huge payrolls, no financial reporting and scant regard for profit.[4]

Since 2014, hundreds of Russian oligarchs and their companies have been hit by the US sanctions for their support of "the Russian government's malign activity around the globe".[5][6] In 2022, many Russian oligarchs were targeted and sanctioned by countries around the world as a rebuke of Russia's war against Ukraine.

Yeltsin era, 1991–1999 Edit

During Mikhail Gorbachev's perestroika (c. 1985–1991), many businessmen in Russia imported goods such as personal computers and jeans into the country and sold them for a hefty profit.

Once Boris Yeltsin became President of Russia in July 1991, the oligarchs emerged as well-connected entrepreneurs who started from nearly nothing and became rich through participation in the market via connections to the corrupt, but elected, government of Russia during the state's transition to a market-based economy. The so-called voucher privatization program of 1992–1994 enabled a handful of young men to become billionaires, specifically by arbitraging the vast difference between old domestic prices for Russian commodities (such as natural gas and oil) and the prices prevailing on the world market. These oligarchs became unpopular with the Russian public and are often blamed for the turmoil that plagued the Russian Federation following the collapse of the Soviet Union in 1991.[7][8][9][10]

Emergence Edit

Economists Sergei Guriev and Andrei Rachinsky contrast older oligarchs with nomenklatura ties and younger-generation entrepreneurs such as Kakha Bendukidze who built their wealth from scratch because Gorbachev's reforms affected a period "when co-existence of regulated and quasi-market prices created huge opportunities for arbitrage."[11]

The majority of oligarchs were promoted (at least initially) by the communist apparatchiks, with strong connections to Soviet power-structures and access to the funds of the Communist Party.[4][12][13] Boris Berezovsky himself was Head of the Department of System Design at another Academy of Sciences research centre. His private company was established by the Institute as a joint venture.[14] Mikhail Khodorkovsky started his business importing computers under auspices of the Komsomol-authorised Center for Scientific and Technical Creativity of the Youth in 1986, briefly serving as a deputy secretary of the Komsomol for a district in Moscow in 1987. His move into banking two years later was funded with the support of Komsomol alumni working in Moscow city government. Later, he served in the Russian government as an adviser to the prime minister and a deputy minister of fuel and power while still running his business.[15] Vladimir Vinogradov was the chief economist of Promstroibank, one of the six banks existing in the Soviet Union,[16] previously serving as the secretary of Atommash plant Komsomol organisation.[15]

Political support Edit

Economist Yegor Gaidar worked in a Soviet Academy of Sciences think tank modelled after RAND.[17] Gaidar later became the economics editor of the Kommunist journal, the official theoretical organ of the CC of the CPSU. He also held various positions, including Prime Minister in the Russian government during 1991–1992.[18] Together with Anatoly Chubais, the two "Young Reformers" were chiefly responsible for privatization in the early 1990s.[19][20][21] According to David Satter, "what drove the process was not the determination to create a system based on universal values but rather the will to introduce a system of private ownership, which, in the absence of law, opened the way for the criminal pursuit of money and power".[22][4]

The 1998 Russian financial crisis hit most oligarchs hard and those whose holdings were based mainly in banking lost much of their fortunes. The most influential oligarchs from the Yeltsin era include[7] Roman Abramovich, Boris Berezovsky, Vladimir Gusinsky, Mikhail Khodorkovsky, Vladimir Potanin, Alexander Smolensky and Vladimir Vinogradov.[4] They formed what became known as the Semibankirschina (or "seven-banker outfit", compare Seven Boyars), a group of businessmen with a great influence on Boris Yeltsin and his political environment. Together they controlled from 50% to 70% of all Russian finances between 1996 and 2000. Historian Edward L. Keenan has compared these oligarchs to the system of powerful boyars that emerged in late-medieval Muscovy.[23] The Guardian reported in 2008 that "'oligarchs' from the era of former president Boris Yeltsin have been purged by the Kremlin".[24]

Putin era, 1999–2022 (prior to the invasion of Ukraine) Edit

Further information: Russia under Vladimir Putin and Ozero
 
Putin (left), with Mikhail Khodorkovsky (right) in December 2002. Mikhail Khodorkovsky was jailed the following year.

With the ascent of Vladimir Putin in the Kremlin the influence of the Yeltsin oligarchs dissipated, as some were imprisoned, such as Mikhail Khodorkovsky (pictured here) and Mikhael Mirilashvili, while others emigrated, sold off their assets or died under suspicious circumstances, such as Vladimir Vinogradov and Boris Berezovsky. A number of Yeltsin oligarchs first came under fire for alleged tax evasion.[25][26] Vladimir Gusinsky of MediaMost and Boris Berezovsky both avoided legal proceedings by leaving Russia, and the most prominent, Mikhail Khodorkovsky of Yukos oil, was arrested in October 2003 and sentenced to 9 years. This was subsequently extended to 14 years, and after Putin pardoned him, he was released on 20 December 2013.[27]

A second wave of oligarchs emerged in the 2000s, friends and former colleagues of President Putin either from his years in the St Petersburg municipal administration or his Dresden tenure in the KGB.[28] Examples are the director of the institute where Putin obtained a degree in 1996, Vladimir Litvinenko,[29] and Putin's childhood friend and judo-teacher Arkady Rotenberg.[30] Gennady Timchenko was close friends with Russian leader Vladimir Putin since the early 1980s.[31][32] In 1991, Putin gave Timchenko an oil export license.[11] These oligarchs worked in close cooperaton with the government, displacing a system of crony capitalism with a system of state capitalism whereby the new oligarchs benefited from financing by state-owned banks and access to public procurement projects.[33]

 
Gennady Timchenko and Arkady Rotenberg in 2015

An economic study distinguished 21 oligarchic groups as of 2003.[11] Between 2000 and 2004, Putin apparently engaged in a power struggle with some oligarchs, reaching a "grand bargain" with them. This bargain allowed the oligarchs to maintain their powers, in exchange for their explicit support of – and alignment with – Putin's government.[34][35] However, other analysts argue that the oligarchic structure has remained intact under Putin, with Putin devoting much of his time to mediating power-disputes between rival oligarchs.[36]

Prominent Putin-era oligarchs Edit

Main article: List of Russian nationals named in the CAATSA unclassified report

The ten most-prominent oligarchs of the early Putin era include Roman Abramovich, Oleg Deripaska, Mikhail Prokhorov, Alisher Usmanov, Viktor Vekselberg, Leonid Mikhelson, Arkady Rotenberg, Gennady Timchenko, Andrey Guryev and Vitaly Malkin.[37] In 2004, five years after Putin's ascend to power, Forbes listed 36 billionaires of Russian citizenship, with a note: "this list includes businessmen of Russian citizenship who acquired the major share of their wealth privately, while not holding a governmental position". In 2005, the number of billionaires dropped to 30, mostly because of the Yukos case, with Khodorkovsky dropping from No. 1 (US$15.2 billion) to No. 21 (US$2.0 billion). A 2013 report by Credit Suisse found that 35% of the wealth of Russia was owned by the wealthiest 110 individuals.[38][33]

Daniel Treisman proposed using a term "silovarch" (silovik and oligarch) for a new class of Russian oligarchs with backgrounds in Russian military and intelligence.[39] Billionaire and former KGB agent Alexander Lebedev has criticized these new oligarchs, saying "I think material wealth for them is a highly emotional and spiritual thing. They spend a lot of money on their own personal consumption." Lebedev has also described them as "a bunch of uncultured ignoramuses", saying "They don't read books. They don't have time. They don't go to [art] exhibitions. They think the only way to impress anyone is to buy a yacht."[40]

On 30 January 2018, the U.S. Treasury published a "list of oligarchs" as part of a document known as the "Putin list" which was compiled under the requirement of the CAATSA Act.[41][42] According to the document itself, its criterion for inclusion was simply being a Russian national with a net worth of over $1 billion.[43] The list was criticised for being indiscriminate, and including critics of Putin.[44]

2008 global recession and credit crisis Edit

According to the financial news-agency Bloomberg L.P., Russia's wealthiest 25 individuals have collectively lost US$230 billion (£146 billion) since July 2008.[45][46][47] The fall in the oligarchs' wealth relates closely to the meltdown in Russia's stock market, as by 2008 the RTS Index had lost 71% of its value due to the capital flight after the Russo-Georgian War of August 2008.[48]

 
Putin (left) with Oleg Deripaska (right) in the Kremlin in March 2002

Billionaires in Russia were particularly hard-hit by lenders seeking repayment on balloon loans to shore up their own balance sheets. Many oligarchs took out generous loans from Russian banks, bought shares, and then took out more loans from western banks against the value of these shares.[40][49] One of the first to get hit by the global downturn was Oleg Deripaska, Russia's richest man at the time, who had a net worth of US$28 billion in March 2008. As Deripaska borrowed money from western banks using shares in his companies as collateral, the collapse in share price forced him to sell holdings to satisfy the margin calls.[40][49]

Putin era, 2022 invasion of Ukraine and Western sanctions Edit

After the 2022 Russian invasion of Ukraine, Canada, US, and European leaders with the addition of Japan, took unprecedented steps to sanction Putin and the oligarchs directly.[50] In response to the sanctions, the targeted oligarchs started to hide wealth in an attempt to prevent the Western nations from freezing their assets.[51] These sanctions intend to directly impact the Russian ruling class as a response for their perceived contribution and acquiescence to the war with Ukraine. Although the sanctions miss some of the richest oligarchs, the impact on the war is unknown due to Putin's power over those that were sanctioned.[52] Since the invasion began, nine of the Russian oligarchs' yachts have turned their navigation transponders off as they sail to ports where they are less likely to be searched and seized.[50]

 
Putin (left), with Petr Fradkov (right) in the Kremlin in May 2019

On March 2, 2022, the United States announced a special task force dubbed "Task Force KleptoCapture". This team was put together to specifically target oligarchs. It is made up of officials from the FBI, Marshals Service, IRS, Postal Inspection Service, Homeland Security Investigations and Secret Service. The main goal of the task force is to impose the sanctions set against these individuals to freeze and seize the assets that the US government claimed were proceeds of their illegal involvement with the Russian government and the invasion of Ukraine.[53] On March 21, 2022, the Organized Crime and Corruption Reporting Project launched Russian Asset Tracker to showcase the profiles and assets of several Russian oligarchs.[54]

Several dozen business people with family connections to top politicians include President Putin’s younger daughter Katerina Tikhonova, who through her investment fund has been the recipient of numerous large contracts from state-owned energy companies.[55] Her former husband Kirill Shamalov runs the largest Russian petrochemicals company Sibur as well as his own investment fund.[56]

The son-in-law of Foreign Minister Sergei Lavrov runs an investment fund with assets exceeding $6 billion. Andrey Ryumin, the son-in-law of Viktor Medvedchuk, President Putin’s former closest ally in Ukraine, runs another investment fund with large agricultural holdings which have become recipients of state subsidies for import substitution (Rouhandeh 2022). Petr Fradkov, the son of a former Prime Minister and head of the Russian foreign intelligence service, Sergei Sergeevich Ivanov, the son of the former head of the presidential administration Sergei Ivanov, and Andrey Patrushev, the son of the current head of the Russian Security Council Nikolai Patrushev have all joined the ranks of the oligarchs.[57][copyright violation]


The list of oligarchs and business executives who have risen to prominence and who have been sanctioned after Russia's invasion of Ukraine includes:

Russian oligarchs in London Edit

Main article: Russian money in London

The British Government policy encouraged the flow of foreign capital into the United Kingdom, for example through the foreign investor visa routes, introduced during John Major's premiership in 1994, one-fifth of whose recipients since 2008 are Russian citizens.[79] London is commonly associated with the terms "Londongrad" and "Moscow-on-Thames".[79]

A significant number of Russian oligarchs have bought homes in upmarket sections of London[80] in the United Kingdom, which has been dubbed "Moscow on Thames" or "Londongrad".[81] Some, such as Eugene Shvidler, Alexander Knaster, Konstantin Kagalovsky, David Wilkowske and Abram Reznikov, are expatriates, having taken permanent residency in London. Roman Abramovich bought 16 Kensington Palace Gardens in London, a 15-bedroom mansion, for £120 million.[82] Mikhail Fridman restored Athlone House in London as a primary residence in 2016.[83][84]

Roman Abramovich bought the English football club Chelsea F.C. in 2003, spending record amounts on players' salaries.[85] Alexander Mamut invested £100m to Waterstones bookstore chain after acquiring it in 2011 for £53m. According to its managing director James Daunt, the intervention saved Waterstones, which managed to make its first annual profit since 2008 in 2016.[86] He later remarked that continued Russian ownership would've been "catastrophic" for the chain in 2022.[87]

See also Edit

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Further reading Edit

External links Edit

  • Russian Asset Tracker

September 27, 2023
russian, oligarchs, russian, олигархи, oligarkhi, business, oligarchs, former, soviet, republics, rapidly, accumulated, wealth, 1990s, russian, privatisation, that, followed, dissolution, soviet, union, failing, soviet, state, left, ownership, state, assets, c. Russian oligarchs Russian oligarhi tr oligarkhi are business oligarchs of the former Soviet republics who rapidly accumulated wealth in the 1990s via the Russian privatisation that followed the dissolution of the Soviet Union The failing Soviet state left the ownership of state assets contested which allowed for informal deals with former USSR officials mostly in Russia and Ukraine as a means to acquire state property A number of Russian oligarchs from top left to bottom Roman Abramovich Oleg Deripaska Alisher Usmanov Vladimir Potanin Mikhail Prokhorov Gennady Timchenko Vagit Alekperov Petr Aven Arkady RotenbergThe Russian oligarchs emerged as business entrepreneurs under Mikhail Gorbachev General Secretary 1985 1991 during his period of market liberalization 1 Boris Berezovsky a mathematician and formerly a researcher became the first well known Russian business oligarch 2 Oligarchs became increasingly influential in Russian politics during Boris Yeltsin s presidency 1991 1999 they helped finance his re election in 1996 Well connected oligarchs like Roman Abramovich Michail Khodorkovsky Boris Berezovsky and Vladimir Potanin acquired key assets at a fraction of the value at the loans for shares scheme auctions conducted in the run up to the election 3 Defenders of the out of favor oligarchs argue that the companies they acquired were not highly valued at the time because they still ran on Soviet principles with non existent stock control huge payrolls no financial reporting and scant regard for profit 4 Since 2014 hundreds of Russian oligarchs and their companies have been hit by the US sanctions for their support of the Russian government s malign activity around the globe 5 6 In 2022 many Russian oligarchs were targeted and sanctioned by countries around the world as a rebuke of Russia s war against Ukraine Contents 1 Yeltsin era 1991 1999 1 1 Emergence 1 2 Political support 2 Putin era 1999 2022 prior to the invasion of Ukraine 2 1 Prominent Putin era oligarchs 2 2 2008 global recession and credit crisis 3 Putin era 2022 invasion of Ukraine and Western sanctions 4 Russian oligarchs in London 5 See also 6 References 7 Further reading 8 External linksYeltsin era 1991 1999 EditDuring Mikhail Gorbachev s perestroika c 1985 1991 many businessmen in Russia imported goods such as personal computers and jeans into the country and sold them for a hefty profit Once Boris Yeltsin became President of Russia in July 1991 the oligarchs emerged as well connected entrepreneurs who started from nearly nothing and became rich through participation in the market via connections to the corrupt but elected government of Russia during the state s transition to a market based economy The so called voucher privatization program of 1992 1994 enabled a handful of young men to become billionaires specifically by arbitraging the vast difference between old domestic prices for Russian commodities such as natural gas and oil and the prices prevailing on the world market These oligarchs became unpopular with the Russian public and are often blamed for the turmoil that plagued the Russian Federation following the collapse of the Soviet Union in 1991 7 8 9 10 Emergence Edit Economists Sergei Guriev and Andrei Rachinsky contrast older oligarchs with nomenklatura ties and younger generation entrepreneurs such as Kakha Bendukidze who built their wealth from scratch because Gorbachev s reforms affected a period when co existence of regulated and quasi market prices created huge opportunities for arbitrage 11 The majority of oligarchs were promoted at least initially by the communist apparatchiks with strong connections to Soviet power structures and access to the funds of the Communist Party 4 12 13 Boris Berezovsky himself was Head of the Department of System Design at another Academy of Sciences research centre His private company was established by the Institute as a joint venture 14 Mikhail Khodorkovsky started his business importing computers under auspices of the Komsomol authorised Center for Scientific and Technical Creativity of the Youth in 1986 briefly serving as a deputy secretary of the Komsomol for a district in Moscow in 1987 His move into banking two years later was funded with the support of Komsomol alumni working in Moscow city government Later he served in the Russian government as an adviser to the prime minister and a deputy minister of fuel and power while still running his business 15 Vladimir Vinogradov was the chief economist of Promstroibank one of the six banks existing in the Soviet Union 16 previously serving as the secretary of Atommash plant Komsomol organisation 15 Political support Edit Economist Yegor Gaidar worked in a Soviet Academy of Sciences think tank modelled after RAND 17 Gaidar later became the economics editor of the Kommunist journal the official theoretical organ of the CC of the CPSU He also held various positions including Prime Minister in the Russian government during 1991 1992 18 Together with Anatoly Chubais the two Young Reformers were chiefly responsible for privatization in the early 1990s 19 20 21 According to David Satter what drove the process was not the determination to create a system based on universal values but rather the will to introduce a system of private ownership which in the absence of law opened the way for the criminal pursuit of money and power 22 4 The 1998 Russian financial crisis hit most oligarchs hard and those whose holdings were based mainly in banking lost much of their fortunes The most influential oligarchs from the Yeltsin era include 7 Roman Abramovich Boris Berezovsky Vladimir Gusinsky Mikhail Khodorkovsky Vladimir Potanin Alexander Smolensky and Vladimir Vinogradov 4 They formed what became known as the Semibankirschina or seven banker outfit compare Seven Boyars a group of businessmen with a great influence on Boris Yeltsin and his political environment Together they controlled from 50 to 70 of all Russian finances between 1996 and 2000 Historian Edward L Keenan has compared these oligarchs to the system of powerful boyars that emerged in late medieval Muscovy 23 The Guardian reported in 2008 that oligarchs from the era of former president Boris Yeltsin have been purged by the Kremlin 24 Putin era 1999 2022 prior to the invasion of Ukraine EditFurther information Russia under Vladimir Putin and Ozero nbsp Putin left with Mikhail Khodorkovsky right in December 2002 Mikhail Khodorkovsky was jailed the following year With the ascent of Vladimir Putin in the Kremlin the influence of the Yeltsin oligarchs dissipated as some were imprisoned such as Mikhail Khodorkovsky pictured here and Mikhael Mirilashvili while others emigrated sold off their assets or died under suspicious circumstances such as Vladimir Vinogradov and Boris Berezovsky A number of Yeltsin oligarchs first came under fire for alleged tax evasion 25 26 Vladimir Gusinsky of MediaMost and Boris Berezovsky both avoided legal proceedings by leaving Russia and the most prominent Mikhail Khodorkovsky of Yukos oil was arrested in October 2003 and sentenced to 9 years This was subsequently extended to 14 years and after Putin pardoned him he was released on 20 December 2013 27 A second wave of oligarchs emerged in the 2000s friends and former colleagues of President Putin either from his years in the St Petersburg municipal administration or his Dresden tenure in the KGB 28 Examples are the director of the institute where Putin obtained a degree in 1996 Vladimir Litvinenko 29 and Putin s childhood friend and judo teacher Arkady Rotenberg 30 Gennady Timchenko was close friends with Russian leader Vladimir Putin since the early 1980s 31 32 In 1991 Putin gave Timchenko an oil export license 11 These oligarchs worked in close cooperaton with the government displacing a system of crony capitalism with a system of state capitalism whereby the new oligarchs benefited from financing by state owned banks and access to public procurement projects 33 nbsp Gennady Timchenko and Arkady Rotenberg in 2015An economic study distinguished 21 oligarchic groups as of 2003 11 Between 2000 and 2004 Putin apparently engaged in a power struggle with some oligarchs reaching a grand bargain with them This bargain allowed the oligarchs to maintain their powers in exchange for their explicit support of and alignment with Putin s government 34 35 However other analysts argue that the oligarchic structure has remained intact under Putin with Putin devoting much of his time to mediating power disputes between rival oligarchs 36 Prominent Putin era oligarchs Edit Main article List of Russian nationals named in the CAATSA unclassified report The ten most prominent oligarchs of the early Putin era include Roman Abramovich Oleg Deripaska Mikhail Prokhorov Alisher Usmanov Viktor Vekselberg Leonid Mikhelson Arkady Rotenberg Gennady Timchenko Andrey Guryev and Vitaly Malkin 37 In 2004 five years after Putin s ascend to power Forbes listed 36 billionaires of Russian citizenship with a note this list includes businessmen of Russian citizenship who acquired the major share of their wealth privately while not holding a governmental position In 2005 the number of billionaires dropped to 30 mostly because of the Yukos case with Khodorkovsky dropping from No 1 US 15 2 billion to No 21 US 2 0 billion A 2013 report by Credit Suisse found that 35 of the wealth of Russia was owned by the wealthiest 110 individuals 38 33 Daniel Treisman proposed using a term silovarch silovik and oligarch for a new class of Russian oligarchs with backgrounds in Russian military and intelligence 39 Billionaire and former KGB agent Alexander Lebedev has criticized these new oligarchs saying I think material wealth for them is a highly emotional and spiritual thing They spend a lot of money on their own personal consumption Lebedev has also described them as a bunch of uncultured ignoramuses saying They don t read books They don t have time They don t go to art exhibitions They think the only way to impress anyone is to buy a yacht 40 On 30 January 2018 the U S Treasury published a list of oligarchs as part of a document known as the Putin list which was compiled under the requirement of the CAATSA Act 41 42 According to the document itself its criterion for inclusion was simply being a Russian national with a net worth of over 1 billion 43 The list was criticised for being indiscriminate and including critics of Putin 44 2008 global recession and credit crisis Edit According to the financial news agency Bloomberg L P Russia s wealthiest 25 individuals have collectively lost US 230 billion 146 billion since July 2008 45 46 47 The fall in the oligarchs wealth relates closely to the meltdown in Russia s stock market as by 2008 the RTS Index had lost 71 of its value due to the capital flight after the Russo Georgian War of August 2008 48 nbsp Putin left with Oleg Deripaska right in the Kremlin in March 2002Billionaires in Russia were particularly hard hit by lenders seeking repayment on balloon loans to shore up their own balance sheets Many oligarchs took out generous loans from Russian banks bought shares and then took out more loans from western banks against the value of these shares 40 49 One of the first to get hit by the global downturn was Oleg Deripaska Russia s richest man at the time who had a net worth of US 28 billion in March 2008 As Deripaska borrowed money from western banks using shares in his companies as collateral the collapse in share price forced him to sell holdings to satisfy the margin calls 40 49 Putin era 2022 invasion of Ukraine and Western sanctions EditAfter the 2022 Russian invasion of Ukraine Canada US and European leaders with the addition of Japan took unprecedented steps to sanction Putin and the oligarchs directly 50 In response to the sanctions the targeted oligarchs started to hide wealth in an attempt to prevent the Western nations from freezing their assets 51 These sanctions intend to directly impact the Russian ruling class as a response for their perceived contribution and acquiescence to the war with Ukraine Although the sanctions miss some of the richest oligarchs the impact on the war is unknown due to Putin s power over those that were sanctioned 52 Since the invasion began nine of the Russian oligarchs yachts have turned their navigation transponders off as they sail to ports where they are less likely to be searched and seized 50 nbsp Putin left with Petr Fradkov right in the Kremlin in May 2019On March 2 2022 the United States announced a special task force dubbed Task Force KleptoCapture This team was put together to specifically target oligarchs It is made up of officials from the FBI Marshals Service IRS Postal Inspection Service Homeland Security Investigations and Secret Service The main goal of the task force is to impose the sanctions set against these individuals to freeze and seize the assets that the US government claimed were proceeds of their illegal involvement with the Russian government and the invasion of Ukraine 53 On March 21 2022 the Organized Crime and Corruption Reporting Project launched Russian Asset Tracker to showcase the profiles and assets of several Russian oligarchs 54 Several dozen business people with family connections to top politicians include President Putin s younger daughter Katerina Tikhonova who through her investment fund has been the recipient of numerous large contracts from state owned energy companies 55 Her former husband Kirill Shamalov runs the largest Russian petrochemicals company Sibur as well as his own investment fund 56 The son in law of Foreign Minister Sergei Lavrov runs an investment fund with assets exceeding 6 billion Andrey Ryumin the son in law of Viktor Medvedchuk President Putin s former closest ally in Ukraine runs another investment fund with large agricultural holdings which have become recipients of state subsidies for import substitution Rouhandeh 2022 Petr Fradkov the son of a former Prime Minister and head of the Russian foreign intelligence service Sergei Sergeevich Ivanov the son of the former head of the presidential administration Sergei Ivanov and Andrey Patrushev the son of the current head of the Russian Security Council Nikolai Patrushev have all joined the ranks of the oligarchs 57 copyright violation The list of oligarchs and business executives who have risen to prominence and who have been sanctioned after Russia s invasion of Ukraine includes Petr Fradkov CEO of Promsvyazbank son of Mikhail Fradkov former Russian Prime Minister during 2004 2007 Mikhail Fradkov is the longest serving director of Russia s Foreign Intelligence Service from 2007 to 2016 58 59 Since 4 January 2017 Fradkov has been Director of the Russian Institute for Strategic Studies 60 Andrey Guryev the former head of PhosAgro the world s fourth largest producer of phosphate based fertilizers 61 Mikhail Gutseriev former owner of Russneft one of Russia s largest oil companies 62 Said Gutseriev Russian British businessperson the son of Russian oligarch Mikhail Gutseriev Since 2018 he has been included by Forbes into the list of wealthiest businessmen in the world In 2021 his fortune has been estimated at 1 7 billion 63 64 Katerina Tikhonova President Putin s second daughter and deputy chair of the Russian Union of Industrialists and Entrepreneurs 65 Kirill Shamalov director and part owner of Sibur a Russian petrochemicals company 66 Andrey Valerievich Ryumin Executive Director of Rosseti PJSC formerly until August 2014 known as Russian Grids Chairman of Board son in law of Viktor Medvedchuk Medvedchuk is a pro Kremlin Ukrainian politician and a personal friend of Russian President Vladimir Putin 11 67 68 69 Andrey Patrushev son of the Secretary of the Security Council of Russia Nikolai Patrushev Nikolai Patrushev served as the director of the Federal Security Service FSB from 1999 to 2008 Belonging to the siloviki faction of president Vladimir Putin s inner circle 70 Patrushev is believed to be one of the closest advisors to Putin and a leading figure behind Russia s national security affairs 71 Patrushev is seen by some observers as one of the likeliest candidates for succeeding Putin 72 73 Sergei Sergeevich Ivanov Board member of Gazprombank and president of Alrosa diamond mining son of Sergei Ivanov Minister of Defense of Russia from March 2001 to February 2007 Deputy Prime Minister from November 2005 to February 2007 and First Deputy Prime Minister from February 2007 to May 2008 After the election of Dmitry Medvedev as President of Russia Ivanov was reappointed a Deputy Prime Minister in office 2008 2011 in Vladimir Putin s second cabinet From December 2011 to August 2016 Ivanov worked as the Chief of Staff of the Presidential Executive Office 74 Having served in the Soviet KGB and in its successor the Federal Security Service Sergei Ivanov holds the rank of colonel general Yevgeny Prigozhin founder of the paramilitary the Wagner Group In June 2023 the Wagner Group launched a rebellion against the Russian military seizing control of the port city of Rostov on Don 75 Yury Slyusar director of United Aircraft Corporation and board member of Aeroflot Russian Airlines Pjsc and United Aircraft Alexander Vinokurov Owner of the privately held investment company Marathon Group Russian company and largest shareholder of retailer Magnit Vinokurov is married to Ekaterina Vinokurova nee Lavrova born 1982 New York City daughter of the Minister of Foreign Affairs of the Russian Federation Sergey Lavrov 76 Vinokurov was added to the EU Sanctions List on 9 March 2022 for providing a substantial source of revenue to the government of the Russian Federation during the Russo Ukrainian War 77 78 Russian oligarchs in London EditMain article Russian money in London The British Government policy encouraged the flow of foreign capital into the United Kingdom for example through the foreign investor visa routes introduced during John Major s premiership in 1994 one fifth of whose recipients since 2008 are Russian citizens 79 London is commonly associated with the terms Londongrad and Moscow on Thames 79 A significant number of Russian oligarchs have bought homes in upmarket sections of London 80 in the United Kingdom which has been dubbed Moscow on Thames or Londongrad 81 Some such as Eugene Shvidler Alexander Knaster Konstantin Kagalovsky David Wilkowske and Abram Reznikov are expatriates having taken permanent residency in London Roman Abramovich bought 16 Kensington Palace Gardens in London a 15 bedroom mansion for 120 million 82 Mikhail Fridman restored Athlone House in London as a primary residence in 2016 83 84 Roman Abramovich bought the English football club Chelsea F C in 2003 spending record amounts on players salaries 85 Alexander Mamut invested 100m to Waterstones bookstore chain after acquiring it in 2011 for 53m According to its managing director James Daunt the intervention saved Waterstones which managed to make its first annual profit since 2008 in 2016 86 He later remarked that continued Russian ownership would ve been catastrophic for the chain in 2022 87 See also EditSuspicious deaths of Russian businesspeople 2022 2023 Banking in Switzerland Corruption in Russia List of Russian billionaires Media mogul Oligarchy Political groups under Vladimir Putin s presidency Privatization in Russia Reputation laundering Robber baron industrialist Russian asset tracker Russian mafia Tycoon Ukrainian oligarchsReferences Edit Scheidel Walter 9 January 2017 The Great Leveler Violence and the History of Inequality from the Stone Age to the Twenty First Century Princeton University Press pages 27 86 ISBN 978 1 4008 8460 5 Boris Abramovich Berezovsky Profile on Globalsecurity org Whitmore Brian 29 September 2005 Russia The End Of Loans For Shares RadioFreeEurope a b c d Aslund Anders 1995 Russia s Crony Capitalism The Path from Market Economy to Kleptocracy Yale University Press pages 45 112 Treasury Designates Russian Oligarchs Officials and Entities in Response to Worldwide Malign Activity U S Department of the Treasury home treasury gov Retrieved 28 November 2019 Kolesnikov Andrei Russian Oligarchs in the Era of Sanctions Carnegie Moscow Center Retrieved 28 November 2019 a b Freund Caroline January 2016 Rich People Poor Countries The Rise of Emerging Markets Tycoons and Their Mega Firms Peterson Institute for International Economics ISBN 978 0881327038 Profile Boris Berezovsky BBC News 31 May 2007 Retrieved 19 February 2022 What a carve up The Guardian 3 December 2005 Retrieved 14 June 2020 Putin able to see matters rather straighter than Yeltsin realised two crucial things about the oligarchs that they were potentially more powerful than him and that they were about as popular with your average Russian as a man idly burning bundles of 50s outside an orphanage according to one 2004 poll only 18 of Russians opposed wholesale renationalisation of the country s resources Granville Johanna Summer 2003 The Russian Kleptocracy and Rise of Organized Crime Demokratizatsiya 448 457 The Russian state has metamorphosed into a full fledged kleptocracy dedicated to enriching those in power and their associates usually organized criminal groups a b c d Guriev Sergei Rachinsky Andrei 2005 The role of oligarchs in Russian capitalism Journal of Economic Perspectives 19 1 131 150 doi 10 1257 0895330053147994 Wilson Andrew 2005 Virtual Politics Faking Democracy in the Post Soviet World Yale University Press Braguinsky Serguey Myerson Roger 2007 A macroeconomic model of Russian transition Economics of Transition 15 1 77 107 doi 10 1111 j 1468 0351 2007 00280 x S2CID 154973586 Berezovsky v Abramovich 2012 EWHC 2463 Comm a b Gustafson Thane 1999 Capitalism Russian style Cambridge University Press pp 120 122 ISBN 0521645956 Vladimir Vinogradov Pioneer of private banking in Russia The Times 6 July 2008 Aven Petr 2021 Vremia Berezovskogo Moscow Corpus AST ISBN 978 5 17 104791 7 Egor Gaidar biography Polit ru Retrieved 17 July 2022 Grigory Yavlinsky Central Connecticut State University Retrieved 30 July 2017 Privatization in Russia its past present and future SAM Advanced Management Journal 1 January 2003 Retrieved 31 July 2017 Ostalski Andrei 16 December 2009 Yegor Gaidar The price to pay BBC News Retrieved 31 July 2017 Satter David 2003 The History of Reform Darkness at Dawn The Rise of the Russian Criminal State reprint ed New Haven Yale University Press published 2004 p 46 ISBN 9780300105919 Retrieved 14 June 2020 what drove the process was not the determination to create a system based on universal values but rather the will to introduce a system of private ownership which in the absence of law opened the way for the criminal pursuit of money and power Treisman Daniel Shleifer Andrei 21 March 2004 A Normal Country Foreign Affairs Retrieved 25 January 2023 Parfitt Tom 19 February 2008 Billionaires boom as Putin puts oligarchs at No 2 in global rich list The Guardian Retrieved 19 February 2022 European Court Khodorkovsky s Rights Violated RadioFreeEurope RadioLiberty Retrieved 2 March 2022 Khodorkovsky speaks out on plight of Russia s political prisoners Euronews Retrieved 30 December 2013 Hague court awards 50 bn compensation to Yukos shareholders Russia Herald Retrieved 29 July 2014 Aslund Anders 13 August 2019 Putin s Economic Policy and Its Consequences Oxford University Press ISBN 978 0190697761 Retrieved 28 January 2023 The fabulous riches of Putin s inner circle The Bureau Investigates Retrieved 7 June 2012 Yablon Alex Know Your Russian Moguls New York Magazine Retrieved 2 March 2022 As the West takes aim with Russian sanctions here s what we know about oligarchs secret finances ICIJ 17 February 2022 Retrieved 2 March 2022 Blood money Europe s secretive trade in Syrian phosphates the Guardian 30 June 2022 Retrieved 17 July 2022 a b Djankov Simeon 11 September 2015 Russia s Economy under Putin From Crony Capitalism to State Capitalism Peterson Institute for International Economics ISBN 978 0190499204 Retrieved 28 January 2023 Putin Russia s Choice Richard Sakwa Routledge 2008 pp 143 150 ISBN missing Playing Russian Roulette Putin in search of good governance by Andre Mommen in Good Governance in the Era of Global is Neoliberalism Conflict and Depolitisation in Latin America Eastern Europe Asia and Africa by Jolle Demmers Alex E Fernandez Jilberto Barbara Hogenboom Routledge 2004 ISBN missing Weiss Andrew S 30 December 2013 Opinion Russia s Oligarchy Alive and Well The New York Times ISSN 0362 4331 Retrieved 2 March 2022 Borak Donna 30 January 2018 The full Putin list of Russian oligarchs and political figures released by the US Treasury CNN Retrieved 24 January 2023 Chalabi Mona 9 October 2013 The world s wealthy where on earth are the richest 1 The Guardian Retrieved 19 September 2018 Treisman Daniel 1 December 2007 Putin s Silovarchs Orbis 51 1 141 153 doi 10 1016 j orbis 2006 10 013 ISSN 0030 4387 a b c Harding Luke 25 October 2008 Twilight of the oligarchs The Guardian London Retrieved 1 April 2010 Russian Individuals Named on US Oligarch List VOA 30 January 2018 Retrieved 13 March 2020 McKenzie Sheena Gaouette Nicole Borak Donna 30 January 2018 The full Putin list of Russian oligarchs and political figures released by the US Treasury CNN Politics CNN Retrieved 7 January 2023 Report to Congress Pursuant to Section 241 of the Countering America s Adversaries Through Sanctions Act of 2017 Regarding Senior Foreign Political Figures and Oligarchs in the Russian Federation and Russian Parastatal Entities Financial Times 29 January 2018 Archived from the original on 8 January 2023 Retrieved 30 January 2018 Stubbs Jack Devitt Polina 30 January 2018 U S names Kremlin outliers in telephone directory sanctions report Reuters U K Archived from the original on 8 January 2023 Retrieved 8 January 2023 Chorafas D Capitalism without capital Springer 2009 Russia s Richest Have Lost 62 Billion This Year Business Insider Retrieved 30 July 2017 Russian Rich Lose 10 Billion in Two Days as Ruble Drops Bloomberg Retrieved 30 July 2017 Thomas Landon Jr 5 September 2008 Russia s Oligarchs May Face a Georgian Chill The New York Times Retrieved 1 April 2010 a b Margin Calls Ignite Billionaire Fire Sale Archived from the original on 26 October 2008 a b Lozano Alicia 26 February 2022 Here are the Russian oligarchs targeted in Biden s sanctions CNBC Retrieved 2 March 2022 Cormack Rachel March 2022 Russian Billionaires Are Moving Their Luxury Superyachts to Avoid Having Them Seized Robb Report Retrieved 2 March 2022 The Associated Press 26 February 2022 The U S sanctions on Russian oligarchs miss the richest of the rich NPR Retrieved 2 March 2022 Macias Amanda 2 March 2022 Biden administration launches new KleptoCapture task force to go after Russian oligarchs CNBC Retrieved 2 March 2022 Valinsky Jordan 21 March 2022 New Russian asset tracker details oligarchs mansions and yachts CNN Business Retrieved 24 March 2022 Andrey Rudakov July 14 2022 Putin s daughter has a big new job at Russia s most powerful business lobby Fortune Magazine website Retrieved 26 January 2023 Guardian staff 10 March 2022 Russia the oligarchs and business figures on western sanction lists The Guardian website Retrieved 26 January 2023 How the war is increasing inequality in Russia Centre for Economic Policy Research 9 February 2023 Retrieved 5 March 2023 Meeting with Sergei Naryshkin and Mikhail Fradkov President of Russia Presidential Press Service 22 September 2016 Retrieved 27 September 2016 Executive Order on Mikhail Fradkov President of Russia Presidential Press Service 22 September 2016 Retrieved 29 September 2016 Fradkov was appointed director of RISI Interfax 2 November 2016 Retrieved 21 April 2017 Treasury Sanctions Elites and Companies in Economic Sectors that Generate Substantial Revenue for the Russian Regime US Treasury 2 August 2022 Retrieved 24 January 2023 EU sanctions Russian businessman Gutseriyev over ties with Belarus Reuters 21 June 2021 Retrieved 24 January 2023 Akcii i dividendy sfiholding ru Retrieved 19 August 2021 Dronefence anonsiruet posevnye investicii TASS 6 June 2017 Retrieved 19 August 2021 Putin s daughter has a big new job at Russia s most powerful business lobby Fortune 14 July 2022 Retrieved 24 January 2023 Treasury Designates Russian Oligarchs Officials and Entities in Response to Worldwide Malign Activity US Treasury 6 April 2018 Retrieved 24 January 2023 in Ukrainian Viktor Medvedchuk political legalization Hromadske TV 7 August 2018 Stedman Scott Bernardini Matt 30 April 2021 Giuliani Probe Expands Ukrainian Ally Under Criminal Investigation Former Ukrainian politician Andrii Artemenko received a secret payment in 2019 from a television station owned by Putin s closest ally in Ukraine The FBI is now investigating the Giuliani ally Forensic News Retrieved 22 February 2022 European Union Individuals Sanctions List European Commission External Service 15 March 2022 Retrieved 31 January 2023 Ukraine conflict Who s in Putin s inner circle and running the war BBC News 2 March 2022 Retrieved 4 March 2022 Troianovski Anton 30 January 2022 The Hard Line Russian Advisers Who Have Putin s Ear The New York Times Retrieved 28 March 2022 After Putin 12 people ready to ruin Russia next POLITICO 29 September 2022 Retrieved 2 October 2022 U S Treasury Announces Unprecedented amp Expansive Sanctions Against Russia Imposing Swift and Severe Economic Costs U S Department of the Treasury 24 February 2022 Retrieved 7 August 2022 Putin dismisses powerful chief of staff News24 12 August 2016 Retrieved 12 August 2016 U S Sanctions Usmanov Prigozhin Among Russian Elites Bloomberg com 3 March 2022 Retrieved 10 July 2023 Marathon Group official page en marathongroup ru Varvitsioti Eleni Foy Henry Pop Valentina 9 March 2022 EU set to add 14 more Russian business chiefs to its sanctions list Financial Times Archived from the original on 10 March 2022 Retrieved 9 March 2022 Council Implementing Regulation EU 2022 396 of 9 March 2022 implementing Regulation EU No 269 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity sovereignty and independence of Ukraine a b The rise and fall of Londongrad The Economist 5 March 2022 Archived from the original on 6 March 2022 Retrieved 6 March 2022 Michael Weiss In Plain Sight The Kremlin s London Lobby World Affairs Vol 175 No 6 March April 2013 pp 84 91 According to British journalist Nick Watt reporting for ABC s Nightline broadcast of 1 June 2007 Goodley Simon 21 March 2022 Inside the 250m Abramovich property portfolio The Guardian Retrieved 29 January 2023 Behrmann Anna 30 June 2016 New Athlone House owner I want to restore it to its former glory Hampstead Highgate Express Retrieved 2 March 2022 Woollacott Emma 15 September 2016 Billionaire s plans for 65 million derelict mansion approved AOL Retrieved 2 March 2022 Over there American and other foreign owners are revolutionizing British football The Boston Globe 25 May 2007 Flood Alison 26 April 2018 Waterstones bookshops bought by hedge fund Elliott Advisors The Guardian Johnston Ian 17 April 2022 Waterstones turns new page as custodian of independent bookselling Financial Times Archived from the original on 17 April 2022 Further reading EditAslund Anders 2019 Russia s Crony Capitalism The Path from Market Economy to Kleptocracy New Haven Conn Yale University Press ISBN 9780300243093 OCLC 1137082828 Bullough Oliver 2022 Butler to the World How Britain Helps the World s Worst People Launder Money Commit Crimes and Get Away with Anything New York St Martin s Press ISBN 9781250281920 OCLC 1303568974 Bowen Andrew Why London Is So Crucial to Putin s Russia The Interpreter 20 March 2014 Djankov Simeon Russia s Economy Under Putin 11 September 2015 Hoffman David E The Oligarchs Wealth and Power in the New Russia New York Perseus Book Group 2002 Hollingsworth Mark and Stewart Lansley Londongrad From London with Cash The Inside Story of the Oligarchs London Fourth Estate 2009 Schimpfossl Elisabeth 2018 Rich Russians From Oligarchs to Bourgeoisie New York Oxford Academic ISBN 9780190677763 Treisman Daniel and Andrei Shleifer 2004 A Normal Country Foreign Affairs 83 2 20 38 Watkins Thayer The Russian Oligarchs of the 1990s applet magic com Yablon Alex 31 March 2013 Oligarchology New York External links EditRussian Asset Tracker Retrieved from https en wikipedia org w index php title Russian oligarchs amp oldid 1177266006, wikipedia, wiki, book, books, library,

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