We all hear about the Russian oligarchs and their political involvement, but who are they? What do they do? How did they get their money? In this blog post, we’ll answer all of those questions and more.
We’ll look at some of the most famous Russian oligarchs and what they’ve done to make themselves wealthy. Stay tuned for an in-depth look at some of Russia’s richest and most influential Russian citizens!
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Definition Of An Oligarch
The Russian oligarchs are a class of wealthy businessmen who acquired their wealth during the privatization of state-owned assets in the 1990s. Most of them are former Soviet officials or members of the Communist Party.
Some of the best-known oligarchs include Mikhail Fridman, Oleg Deripaska, Roman Abramovich, and Vladimir Gusinsky.
The Russian oligarchs are often criticized for their corruption and collusion with the Kremlin. They have been accused of using their political connections to gain control of valuable state-owned assets, such as oil and gas companies, at below-market prices.
They have also been accused of using their economic power to influence political decisions in their favor.
Despite these criticisms, the oligarchs remain some of the most influential people in Russia. They have a massive impact on the Russian economy and play a significant role in politics.
Whether they are heroes or villains, the oligarchs will surely be a considerable force in Russia for years to come.
Also read: Do Russian Oligarchs Want War?
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Origins Of The Russian Oligarchy
The origins of the Russian oligarchy can be traced back to the Soviet Union. In the early years of the USSR, a small group of Communist Party leaders exercised complete control over the government and economy.
After Stalin died in 1953, this power began to be decentralized, opening up opportunities for ambitious individuals to amass wealth and influence. However, it was not until the 1980s that a true oligarchy began to emerge.
This was partly due to Mikhail Gorbachev’s economic reforms, which allowed individuals to own property and engage in private enterprise. Additionally, the collapse of the Soviet Union led to the privatization of many state-owned companies, creating a class of “new Russians” with vast fortunes.
Today, the Russian oligarchy comprises a handful of families with close ties to Vladimir Putin. These oligarchs often use their wealth and influence to advance Putin’s political agenda.
In return, president Vladimir Putin protects them from prosecution and access to lucrative government contracts. While some critics argue that the Russian oligarchy is detrimental to democracy, others believe it is necessary for Russia’s stability and prosperity.
How Putin Gained Power And Consolidated His Rule
After serving as a KGB officer for many years, Putin became head of the secret police agency in 1998. He became Prime Minister in 1999 and assumed the presidency in 2000 after Boris Yeltsin resigned.
Since then, Putin has won three presidential elections and served two terms as President. In 2008, he was elected Prime Minister again and has held that position ever since.
How has Putin consolidated his rule? One way is by co-opting the oligarchs. While many made their fortunes independently of Putin, they are now firmly allied with him.
They use their wealth and influence to support his regime and keep him in power. Putin has also shown himself to be a master manipulator of public opinion. He controls Russia’s central television channels, churning out propaganda that portrays him as a strong leader who stands up for Russia against outside enemies.
He has also used violence and repression to crush dissent and keep people in line. As a result, Putin is one of the most potent autocrats in the world today.
Also read: What Do Russian Oligarchs Think Of Putin?
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The Rise Of The New Russian Oligarchs
In the 1990s, a new class of Russian businessmen emerged: the oligarchs. These men (almost always men) acquired vast sums of money and power during the privatization of state-owned assets under President Boris Yeltsin. While some oligarchs gained their fortunes through entrepreneurial endeavors, others used their close ties to the Kremlin to amass impressive business empires.
Many of the most successful oligarchs hail from Russia’s regions rather than Carnegie Moscow center or St. Petersburg. Vladimir Gusinsky, for example, is a native of Vladikavkaz in North Ossetia; Mikhail Khodorkovsky, originally from Krasnoyarsk Krai in Siberia; and Roman Abramovich, from Chukotka in the Far East.
In the early 2000s, Vladimir Putin embarked on a program of “de-oligarchization,” targeting those businessmen who posed a threat to his grip on power. Some oligarchs fled the country; others were imprisoned or had their assets seized. As a result, the number of Russian billionaires declined sharply.
In 2008, there were only 24 billionaires listed in Forbes magazine’s annual ranking of the world’s wealthiest people; by 2018, that number had risen to 96. Most of Russia’s billionaires now have close ties to the Kremlin, and their fortunes depend primarily on President Putin’s goodwill. As one commentator has observed, “In today’s Russia’s oligarchs, you can be an entrepreneur—but you can’t be an oligarch.”
Also read: Do Russian Oligarchs Own Planes?
Recent News And Events Involving Russian Oligarchs
In the case of Russia, the oligarchs are a group of around two hundred businessmen who control a large proportion of the country’s assets. Many Russian oligarchs made their fortunes in the early years of post-Soviet Russia when they took advantage of the country’s transition to a free market economy to buy up state-owned assets at rock-bottom prices.
The oligarchs are often portrayed as a shadowy and powerful cabal that controls Russia from behind the scenes. However, it is worth noting that their influence is far from absolute, and they face significant opposition from both the Kremlin and Russian roulette society.
Nevertheless, the oligarchs remain a potent force in Russian politics, and their activities will continue to be closely watched by both domestic and international observers like the European Union.
Also read: Rich Russian Oligarch’s Wives
Impact of Russian oligarchy on the rest of the world
The activities of the Russian oligarchy have had a significant impact on the rest of the world, particularly in recent years. The most notable example is the 2016 US presidential election, in which it is believed that Russian oligarchs helped to finance Donald Trump’s campaign.
There are also concerns that the oligarchs could use their wealth and influence to destabilize other countries, such as Ukraine. In addition, the oligarchs have been known to launder their money through Western banks and property markets, which has harmed the global economy.
As the Russian oligarchy grows in wealth and power, its impact on the rest of the world will likely increase. This is a trend that is likely to be of concern to policymakers and ordinary citizens alike.
Also read: Do Russian Oligarchs Have Their Property Seized?
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Conclusion
The Russian oligarchs are a fascinating bunch. They’re some of the wealthiest and most influential people in the world, but they often fly under the radar. We’ve given you a rundown of who they are and what they do, but there’s always more to learn.
Stay tuned for future posts about these enigmatic billionaires–there’s sure to be plenty of drama and intrigue to keep you coming back for more. In the meantime, let us know in the comments who your favourite Russian oligarch is and why.