During the war against Ukraine, Russia reached a record number of billionaires. Their rising wealth did not bring political influence. Over 25 years, Vladimir Putin removed independent power from the rich. Men once feared as oligarchs now avoid public disagreement. This outcome benefits the Kremlin. Western sanctions failed to spark elite opposition. Pressure and privilege instead secured loyalty.
The Kremlin enforces obedience through rewards and punishment. Loyalty grants access to contracts and protection. Dissent triggers swift retaliation. Former banking billionaire Oleg Tinkov experienced this system directly. One day after he called the war “crazy” online, officials contacted his executives. They issued a clear ultimatum. The state would seize his bank unless ties ended immediately. Tinkov later said negotiation never existed. He described the process as forced surrender.
Within days, a company linked to Vladimir Potanin acquired the bank. Potanin ranks among Russia’s richest businessmen. His companies supply nickel for fighter jet engines. Tinkov said the deal reflected only three percent of real value. He lost nearly nine billion dollars. He soon left Russia.
When Wealth Commanded Politics
Russia once followed a very different path. After the Soviet collapse, enormous state assets entered private hands. A small group exploited the chaos of early capitalism. They built massive fortunes rapidly. Political instability gave them direct access to power. These men became known as oligarchs. Boris Berezovsky stood as the most influential among them.
Berezovsky later claimed he helped engineer Putin’s rise in 2000. Years later, he publicly expressed regret. He wrote that he failed to foresee a future autocrat. His role may have been exaggerated. Still, oligarchs once shaped decisions at the highest level. In 2013, Berezovsky died in exile under mysterious circumstances. By then, oligarch political power had already collapsed.
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 fortunes faced severe damage. Putin urged cooperation under new conditions. A journalist present described the businessmen as pale and exhausted.
The months before the invasion harmed billionaire wealth sharply. The immediate aftermath deepened the losses. Between 2021 and April 2022, their number fell 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 personal wealth.
War Turns Into Opportunity
The following years changed the picture. Heavy military spending boosted economic growth. Russia recorded growth above four percent in 2023 and 2024. Many wealthy figures benefited from this surge. Even those without defence contracts gained indirectly. In 2024, more than half of Russian billionaires supported military supply chains. Others profited from war-driven market shifts.
Forbes wealth analyst Giacomo Tognini highlighted the importance of state ties. Any major business requires cooperation with the government. In 2025, Russia reached a record 140 billionaires. Their combined wealth reached 580 billion dollars. That figure stood just three billion below the pre-war peak.
Fear as a Discipline Tool
Putin consistently punishes disloyalty. Russians remember the fate of Mikhail Khodorkovsky. The oil tycoon once ranked as 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 remained silent. The few critics fled Russia. They sacrificed large portions of their wealth.
Despite sanctions, billionaires remain essential to the war economy. Many face asset freezes and travel bans abroad. Western governments hoped pressure would trigger elite rebellion. That expectation failed. Wealth endured. Dissent vanished.
Sanctions That Tightened Control
Sanctions also eliminated escape routes. Moving money abroad became nearly impossible. Accounts froze. Properties were seized. Analyst Alexander Kolyandr argued this strengthened Kremlin authority. Without alternatives, billionaires aligned closer with the state. Their capital now supports war production.
The departure of foreign companies created fresh opportunities. Kremlin-friendly businessmen filled the vacuum quickly. 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, this process created eleven new billionaires. Despite war and sanctions, Putin maintained firm control over Russia’s economic elite. In several ways, external pressure reinforced that control.
