Putin's Rule Sees Diminished Political Power for Russia's Oligarchs

Despite Wealth, Oligarchs Remain Largely Silent Amid Ukraine War as Putin Aims to Create New Loyal Wealthy Cadre

Under Putin's rule, Russia's oligarchs, once considered shadow rulers due to their vast wealth, have seen their political power significantly diminished.
Putin made a clear deal with the oligarchs upon taking office in 2000: stay out of politics and their wealth would not be touched.
Despite the financial impact of the Ukraine war on their assets, most of Russia's ultra-wealthy have remained quiet or offered only mild criticism.
Analysts suggest Putin aims to create a new cadre of wealthy figures loyal to him by redistributing assets seized from foreign companies exiting Russia and invalidating 1990s privatizations.
This deprivatization is seen as a strategy to redistribute wealth to a new generation of less-powerful individuals and strengthen Putin's own position.