During the war against Ukraine, Russia recorded the highest number of billionaires in its history. Yet these fortunes came with shrinking political influence. Over 25 years in power, Vladimir Putin dismantled the independence of the wealthy elite. Men once feared as oligarchs now avoid public confrontation. This shift clearly serves the Kremlin. Western sanctions failed to spark elite rebellion. Pressure and privilege instead forged compliance.
The Russian system relies on loyalty and fear. Cooperation brings protection and access. Dissent triggers swift punishment. Former banking billionaire Oleg Tinkov experienced this reality directly. One day after calling the war “crazy” online, officials contacted his senior managers. They issued an ultimatum. The state would seize his bank unless ties ended immediately. Tinkov later said bargaining was impossible. He described the situation as outright coercion.
Within days, a company linked to Vladimir Potanin acquired the bank. Potanin ranks among Russia’s richest businessmen. His companies supply nickel used in fighter jet engines. Tinkov said the deal reflected only three percent of the bank’s real value. He lost nearly nine billion dollars. Shortly after, he left Russia.
When Money Meant Power
Russia once followed a different path. After the Soviet collapse, enormous state assets entered private hands. A small circle exploited the chaos of early capitalism. They built vast fortunes quickly. Political instability gave them direct influence over government decisions. These men became known as oligarchs. Boris Berezovsky stood at the centre of this system.
Berezovsky later claimed he helped engineer Putin’s rise in 2000. Years later, he expressed public regret. He wrote that he failed to foresee a future autocrat. His influence may have been exaggerated. Still, oligarchs once shaped policy at the highest level. In 2013, Berezovsky died in exile under mysterious circumstances. By then, oligarch political power had already collapsed.
A War 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 resisted. They understood their wealth faced severe damage. Putin urged cooperation under new conditions. A journalist present described the businessmen as pale and exhausted.
The period before the invasion damaged billionaire fortunes sharply. The immediate aftermath deepened losses. Between 2021 and April 2022, their number dropped from 117 to 83. War, sanctions and currency weakness erased enormous wealth. Collectively, they lost 263 billion dollars. On average, each lost more than a quarter of personal assets.
War as an Economic Engine
The following years produced a reversal. Heavy military spending drove economic growth. Russia recorded growth above four percent in 2023 and 2024. Many wealthy figures benefited. 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 changes.
Forbes wealth analyst Giacomo Tognini noted the importance of state ties. Any major business depends on relations with government power. In 2025, Russia reached a record 140 billionaires. Their combined wealth reached 580 billion dollars. That figure sat just three billion below the pre-war peak.
Discipline Through Example
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 group, authorities arrested him. He spent ten years in prison. Since the invasion, almost all billionaires stayed silent. The few critics fled Russia. They abandoned large parts of their fortunes.
Despite sanctions, billionaires remain central to the war economy. Many face asset freezes and travel bans abroad. Western governments hoped pressure would trigger elite opposition. That strategy failed. Wealth endured. Dissent vanished.
Sanctions That Closed the Exit
Sanctions also eliminated escape options. Moving money abroad became nearly impossible. Accounts froze. Properties were seized. Analyst Alexander Kolyandr argued this strengthened Kremlin control. Without alternatives, billionaires rallied closer to the state. Their capital now fuels war production.
The departure of foreign companies created fresh opportunities. Kremlin-friendly businessmen filled the gap 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 grip.
