Putin keeps Russia's billionaires loyal despite war and sanctions

During the war with Ukraine, the number of billionaires in Russia has reached a record high, even as their political influence has all but vanished under President Vladimir Putin’s 25-year rule. Western sanctions have failed to turn Russia’s ultra-wealthy against the Kremlin, with many instead becoming silent supporters of the war.

Putin has relied on a mix of pressure and rewards to ensure loyalty. Those who criticise the war risk losing their businesses and wealth, as seen in the case of former banking tycoon Oleg Tinkov, who was forced to sell his bank at a fraction of its value after denouncing the invasion and then left the country.

In contrast, businessmen who cooperate with the Kremlin have benefited from Russia’s wartime economy. Heavy state spending has driven economic growth, and many billionaires have profited either directly through defence-related activities or indirectly through close ties to the government. As a result, Russia now has a record 140 billionaires, with their combined wealth nearing pre-war highs.

Sanctions and asset freezes have also limited the ability of wealthy Russians to move their money abroad, reinforcing their dependence on the state. The exit of Western firms has further allowed Kremlin-aligned business figures to acquire valuable assets cheaply, creating a new group of loyal elites.

Despite being targeted by Western measures, Russia’s richest citizens have shown little public dissent, underlining how Putin has consolidated control over the country’s economic elite during the war.