Who Are the Sanctioned Russian Oligarchs?
The term “oligarch” is commonly used to describe wealthy businessmen in modern Russia who acquired their fortunes and power through corruption, cronyism, and misuse of public assets. These individuals are generally seen as a powerful lobby, exerting significant influence over the government. In recent years, many of these powerful figures have come under international scrutiny and have been subject to sanctions due to their close ties to the Russian administration. This article will provide a comprehensive overview of the Russian oligarchy, discuss the individuals who have been hit with international sanctions, and weigh the impact these sanctions have had on the country.
What Is an Oligarch?
An oligarch is defined as a person who exercises immense power in a country or organization due to their wealth, influence and connections to the powerful elite. This form of elite control of a nation’s political and economic matters is often seen as a way of keeping power in the hands of a select few. In Russia, many of the current oligarchs have their wealth rooted in the privatisation of state-owned companies following the fall of the Soviet Union.
Since the collapse of the Soviet Union in 1991, Russian oligarchs have acquired large amounts of wealth and power. Not only have they risen to the top in the economic realm, but they have also been able to exercise a significant amount of influence in the realm of politics in Russia. As a result, they have been subject to international scrutiny, particularly when it comes to issues that have raised questions about their perceived lack of transparency and accountability.
Oligarchs Sanctioned by the US
The US imposed sanctions on a number of Russian oligarchs in reaction to the Kremlin’s alleged interference in the US presidential election. The sanctions were intended to target individuals with links to the Russian government and to limit their access to the US financial system. These sanctions have had a dramatic effect on the Russian economy, leading to a significant decline in the value of the ruble and a weak economic outlook.
Below is a list of the sanctioned Russian oligarchs, as identified by the US Department of the Treasury:
• Oleg Deripaska: founder of the Kremlin-linked aluminum producer Rusal
• Arkady and Boris Rotenberg : founders of the Stroygazmontazh construction company
• Suleiman Kerimov: a billionaire businessman with close links to the Kremlin
• Kirill Shamalov: the husband of the daughter of Russian President Vladimir Putin
• Yury Kovalchuk: a longtime friend and former business partner of Russian President Vladimir Putin
• Viktor Vekselberg: Chairman of the Renova Group, an energy and financial conglomerate
• Andrey Kostin: head of VTB Bank, one of the largest banks in Russia
Impact of Sanctions
The sanctions imposed on the Russian oligarchs have had a profound effect on the country, both economically and politically. The sanctions have made it more difficult for Russian citizens to travel abroad and have had a severe impact on the country’s financial markets, a situation exacerbated by the falling price of oil and other commodities.
In addition, the sanctions have caused a disturbance in the relationship between Russia and other foreign countries. Many of these oligarchs have close ties to the Russian government and have drawn scrutiny from the international community due to their lack of transparency and accountability.
The impact on the US-Russia relationship has been particularly notable, as the two countries remain locked in a hostile stand-off. Furthermore, the sanctions have had a chilling effect on foreign investment, which has led to further economic instability and a lack of confidence in the Russian economy.
The Russian oligarchy has become a key issue in the US-Russia relationship and has had a significant impact on the country’s economy and geopolitical situation. The US has imposed sanctions on a number of powerful figures in order to hold them accountable for their suspected interference in the US presidential election.
These sanctions have had a dramatic effect on the Russian economy and have further strained relations between the two countries. Although these sanctions have been necessary to hold leaders accountable and to ensure they can no longer exert a dangerous level of influence over the government, they may have only worsened the geopolitical standoff between Russia and the US.
