With money and no voice: how Putin keeps Russian billionaires on his side during war

During the war against Ukraine, the number of billionaires in Russia reached a historic high, but their political influence has virtually disappeared. During the years of Vladimir Putin’s rule, Russian big business was deprived of the opportunity to publicly influence the government and was forced to support the Kremlin’s course.

This is reported by BBC News Ukraine.

Journalists noted that after the collapse of the Soviet Union, a number of Russian businessmen became rich quickly by gaining control of former state assets. This gave them significant political influence during a period of instability and created a class of oligarchs.

However, this system has gradually disappeared since Vladimir Putin came to power. During his 25 years in power, the Russian president has removed big business from real political influence by centralizing decision-making in the Kremlin.

So, on February 24, 2022, the day of the start of the full-scale invasion of Ukraine, Putin summoned the richest people in Russia to the Kremlin.

“I hope that in these new conditions we will work together just as well and no less effectively,” said Vladimir Putin.

One of the journalists present described the meeting participants as exhausted and anxious, aware of the inevitable consequences of the war and sanctions. The journalists cited the example of businessman Oleg Tinkov, who publicly called the war against Ukraine “crazy.” After that, he said, signals came from the Kremlin about the possible nationalization of Tinkoff Bank.

“I couldn’t negotiate the price. It was like being held hostage: you take what they offer you. I couldn’t bargain,” said Oleg Tinkov.

The bank was sold to a company linked to Vladimir Potanin for about 3% of its real value. As a result, Tinkov lost about $9 billion and left Russia.

According to Forbes magazine, between 2021 and 2022, the number of billionaires in Russia decreased from 117 to 83. The cumulative losses reached $263 billion.

However, further participation in the war economy brought new profits. In 2023 and 2024, the Russian economy grew by more than 4% annually, which positively affected the fortunes of big business.

“Anyone doing business in Russia has to have a relationship with the authorities,” said Giacomo Tognini of the Forbes Wealth team.

In 2025, the number of billionaires in Russia reached a record 140 people, and their combined fortune was $580 billion.

Analysts have noted that Putin allows businessmen who remain loyal to him to enrich themselves while punishing any signs of disloyalty. The case of Mikhail Khodorkovsky, who spent 10 years in prison and had his Yukos company nationalized, remains emblematic of this approach.

Since the start of the full-scale war, most Russian billionaires have refrained from making public statements. Those who spoke out against it were forced to leave the country and lose a significant portion of their assets.

Analysts noted that Western sanctions have not led to a split among Russia’s wealthy. On the contrary, asset freezes and confiscations have prevented capital flight.

“The West did everything possible to get Russian billionaires to rally around the flag,” said Oleksandr Kolyandr of the Center for European Policy Analysis.

The exit of foreign companies from Russia has created conditions for the enrichment of businessmen close to the Kremlin. In 2024, 11 new billionaires appeared in the country.

Analysts concluded that control over big business remains one of Vladimir Putin’s key tools for maintaining power during the war and sanctions pressure.

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