Russian oligarchs
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.
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.[citation needed]
Oligarchs became increasingly influential in Russian politics during
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".[4][5] In 2022, many Russian oligarchs and their close family members were targeted and sanctioned by countries around the world as a rebuke of Russia's war in Ukraine.
Yeltsin era, 1991–1999
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
Emergence
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."[10]
The majority of oligarchs were promoted (at least initially) by the Soviet apparatchiks, with strong connections to Soviet power-structures and access to the funds of the Communist Party.[3][11][12] 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.[13] 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.[14] Vladimir Vinogradov was the chief economist of Promstroibank, one of the six banks existing in the Soviet Union,[15] previously serving as the secretary of Atommash plant Komsomol organisation.[14]
Political support
Economist
The
Putin era, 1999–2022 (prior to the invasion of Ukraine)
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.[24][25] 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.[26]
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.[27] Examples are the director of the institute where Putin obtained a degree in 1996, Vladimir Litvinenko,[28] and Putin's childhood friend and judo-teacher Arkady Rotenberg.[29] Gennady Timchenko was close friends with Russian leader Vladimir Putin since the early 1980s.[30][31] In 1991, Putin gave Timchenko an oil export license.[10] 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.[32]
An economic study distinguished 21 oligarchic groups as of 2003.[10] 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.[33][34] 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.[35]
Prominent Putin-era oligarchs
The ten most-prominent oligarchs of the early Putin era included Roman Abramovich, Oleg Deripaska, Mikhail Prokhorov, Alisher Usmanov, Viktor Vekselberg, Leonid Mikhelson, Arkady Rotenberg, Gennady Timchenko, Andrey Guryev and Vitaly Malkin.[36] 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.[37][32]
Daniel Treisman proposed using a term "silovarch" (silovik and oligarch) for a new class of Russian oligarchs with backgrounds in Russian military and intelligence.[38] 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."[39]
On 30 January 2018, the
2008 global recession and credit crisis
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.[44][45][46] 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.[47]
Billionaires in Russia were particularly hard-hit by lenders seeking repayment on
Putin era, 2022 invasion of Ukraine and international sanctions
After the
On March 2, 2022, the United States announced a special task force dubbed "
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.[54] Her former husband Kirill Shamalov runs the largest Russian petrochemicals company Sibur as well as his own investment fund.[55]
The son-in-law of Foreign Minister
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]
- 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.)[10][67][68][69]
- Andrey Patrushev (son of the Secretary of 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 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.[93] Exactly two months later, on August 23, Prigozhin was killed in a plane crash that is suspected to have been orchestrated by Nikolai Patrushev,[94] the head of the Security Council of Russia and Putin's right-hand man.
- 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 (née Lavrova) (born 1982 New York City), daughter of the Minister of Foreign Affairs of the Russian Federation Sergey Lavrov.[95] 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.[96][97]
Russian oligarchs in London
The British Government policy encouraged the flow of foreign capital into the United Kingdom, for example through the
A significant number of Russian oligarchs have bought homes in upmarket sections of London[99] in the United Kingdom, which has been dubbed "Moscow on Thames" or "Londongrad".[100] 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.[101] Mikhail Fridman restored Athlone House in London as a primary residence in 2016.[102][103]
Roman Abramovich bought the English football club Chelsea F.C. in 2003, spending record amounts on players' salaries.[104] 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.[105] He remarked that continued Russian ownership would've been "catastrophic" for the chain in 2022.[106]
See also
- Suspicious deaths of Russian businesspeople (2022–2024)
- 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 oligarchs
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{{cite web}}
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Further reading
- Åslund, Anders (2019). Russia's Crony Capitalism: The Path from Market Economy to Kleptocracy. New Haven, Conn.: Yale University Press. OCLC 1137082828.
- Bullough, Oliver (2022). 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. Perseus Book Group, 2002.
- Hollingsworth, Mark, and Stewart Lansley, Londongrad: From London with Cash: The Inside Story of the Oligarchs, London, Fourth Estate, 2009.
- Schimpfössl, 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.
- Aven, Petr. The Age of Berezovsky, Russia, Corpus, 2017.