Understanding the Meaning and Significance of Russian Oligarchs
Title: Curiosity Surrounding Oligarchs Rises Following Imposition of Sanctions on Russia
Publication Date: June 24, 2023
After the United States President Joe Biden and British Prime Minister Boris Johnson announced sanctions against Russia in recent months, there has been a growing interest in the term “oligarch.” The word has gained prominence as ultra-rich Russian businessmen, known as oligarchs, were included in the sanctions list due to Russia’s invasion of Ukraine.
In the initial stage, Britain froze billions of dollars held by three oligarchs close to Putin in UK banks. It is estimated that all Russian oligarchs have collectively saved over $800 billion in UK banks.
However, alongside these developments, the mysterious deaths of Russian oligarchs with close ties to Putin continue. Sergey Protosenya, along with his wife and daughter, was found dead in Girona, Spain. Similarly, former Kremlin and Gazprombank executive billionaire Vladislav Avayev was found dead in his Moscow home, along with his pregnant wife and daughter. Investigations are underway into the alleged involvement of these two oligarchs in the deaths of their family members, followed by suicide.
Recently, Andrei Krukowski, the manager of the Krasyana Polyana ski resort owned by Gazprom, died after falling from a cliff in Sochi, Russia. Authorities claim it was an unfortunate accident. It is worth noting that in the past three months, six Russian oligarchs associated with the Gazprom company have died under suspicious circumstances.
To understand the concept of oligarchs, it is important to know that the term originated from the Greek words “oligo-” meaning few, and “arkhein” meaning manage. An oligarchy refers to a form of government where a small and privileged group holds power, be it in politics, military, religion, or finance. The term “oligarch” is used to identify individuals or groups who are members or supporters of the ruling oligarchy.
In contemporary usage, the term oligarch refers specifically to powerful individuals in Russia who own large companies. Many of these oligarchs amassed their wealth during the chaotic and corrupt privatization process under President Boris Yeltsin in the 1990s. They are now considered the ruling class, distinguished from the rest of society by their wealth, status, and often political connections.
Notable Russian oligarchs include Roman Abramovich, the owner of Chelsea Football Club, and Aleksander Lebedev, a former KGB officer and banker. It is important to highlight that some oligarchs who opposed President Putin’s policies, such as Boris Berezovsky and Mikhail Khodorkovsky, have had to flee the country and seek refuge abroad.
The recent imposition of sanctions on Russian oligarchs has shed light on their influential roles and their vast fortunes. As investigations into the suspicious deaths of several oligarchs remain ongoing, the intrigue surrounding their activities continues to grow.
