What is an oligarch?
RUSSIA’S Soviet Union may have dissolved but there is a last legacy in the form of oligarchs.
Privatisation of the nation allowed for a rapid rise in power and wealth for individuals in Russia.
What is an oligarch?
Oligarch comes from an Ancient Greek word ‘oligarkhia’ which means the rule of the few.
The business men took advantage of the rapid privatisation of Russia in the 90s when the Soviet Union collapsed.
They acquired state assets in informal deals and became powerful businessmen during Gorbachev’s market liberation.
Their companies have been hit with accusations or tax evasion and other sanctions from the US in more recent years.
Three of the tycoons have been sanctioned by the UK in response to the invasion of Ukraine.
Many oligarchs have been personally connected to Russian President Vladimir Putin and, while they do not always hold political office, they control vast wealth.
Some have taken up residency in London and have even purchased football clubs.
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Who are the most notable oligarchs?
Vladimir Potanin, net worth: £65.6billion
With a worth of an estimated £65.6billion, 61-year-old Potanin is the second richest man in Russian and 10th wealthiest in the world.
He was on the US Treasury’s list of individuals closely associated with Putin.
After making his money on loans-for-shares in Russia, he now owns Interros.
Interros is a Russian conglomerate with stakes in mining, energy, finance, retail and others sectors.
Gennady Timchenko, net worth: £17.3billion
Worth an estimated £17.3billion, Timchenko, 69, has been a close ally with Vladimir Putin since the 90s.
He has had his assets frozen and been banned from travelling to Britain due to his connection to the invasion of Ukraine.
As the founder of Gunvor, he has links to Russian oil as well as being a shareholder in Rossiya – one of the Russian banks that Boris Johnson has sanctioned.
Vladimir Lisin, net worth: £19.8 billion
Another oligarch listed on the US Treasury’s Putin list, 65-year-old Vladimir Putin is the third richest man in Russia.
He owns Novolipetsk Steel, one of Russia’s largest steel companies.
In 2020, he donated 123 million rubles to help save children with spinal muscular atrophy.
Boris Rotenberg, net worth: £886million
Another one of the oligarchs to be hit with sanctions by the UK is Boris Rotenberg, 65.
He is worth £886million and was a childhood friend and judo sparring partner of Putin.
He co-owns SMP Bank and has been sanctioned for using his role at the bank to support the Russian government.
Igor Rotenberg, net worth: £800million
Nephew of Boris Rotenberg, 48-year-old Igor is also a friend of Putin who has been sanctioned by the UK.
He controls a drilling company called Gazprom Bureniye and bought his father’s stakes in some assets in 2014.
Igor is worth just under £800million and is the chairman for the National Telematic Systems which is of strategic significance to Russia.
Vladimir Litvinenko, net worth: £1billion
One of the more familiar names of the Putin era is Vladimir Litvinenko, 66.
He was Putin’s campaign manager, owns shares in Russian chemical company PhosAgro and is the rector of Saint Petersburg Mining University since the 90s.
According to Forbes he is worth around £1billion.
Leonid Mikhelson, net worth: £19.4billion
The 66-year-old Mikhelson is the CEO of Novatek, which is the second largest natural gas producer in Russia.
He is worth around £19.4billion and is closely associated with Timchenko as well as Putin.
Mikhelson also has a 30.6 percent stake in Zao Sibur which is Russia’s largest petrochemicals company.