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"I want billions for the war, or I will confiscate your wealth" - Putin puts a 'noose around the neck' of the oligarchs

2026-07-19 22:51:13Kosova&Bota SHKRUAR NGA REDAKSIA VOX

"I want billions for the war, or I will confiscate your wealth" -

The war in Ukraine is putting increasing pressure on the Russian economy and the wealth of the country's most powerful oligarchs.

According to reports from independent Russian and international media, the Kremlin is increasingly demanding financial contributions from big businessmen, while those who do not comply face the risk of losing their properties and companies.

In late March, during a closed-door meeting with Russia's largest businessmen, Vladimir Putin asked them to make "voluntary contributions" to the state budget. The request is related to the need to finance war costs and support the Russian economy, which is under pressure from Western sanctions.

Some of the richest oligarchs are said to have responded immediately. Suleiman Kerimov, one of Russia's richest figures, pledged around 100 billion rubles, while other big businessmen, such as Vladimir Potanin and Oleg Deripaska, also joined in the funding wave. According to some reports, the total amount raised from these contributions reached hundreds of billions of rubles.

However, behind these "donations" that appear to be voluntary, many analysts see a form of political pressure. In Russia, the line between state demand and practical obligation has become increasingly blurred. The oligarchs, who in the 1990s created huge fortunes during privatizations after the collapse of the Soviet Union, are now dependent on their relationship with the Kremlin.

Since 2024, Russian authorities have begun a more aggressive process of controlling and returning some private assets to state hands. Companies and properties of businessmen with ties outside Russia or who are considered not entirely loyal to the government have become the subject of investigations and legal proceedings.

One of the most high-profile cases was the seizure of Domodedovo Airport in Moscow, while other large owners have faced asset freezes or demands to transfer wealth to the state.

The case of billionaire Andrey Melnichenko is an example of direct pressure: to avoid the nationalization of an energy company, he made a large payment to an educational fund linked to Russian institutions. The message to the oligarchs is clear: private wealth in Russia depends on loyalty to the Kremlin. In the conditions of war and increasing military spending, the Russian government is seeking more financial resources and is using control over property as a tool of pressure.

But while some oligarchs are paying to maintain their positions, others are looking for ways to move capital out of Russia. According to several media investigations, some of the wealth is being transferred abroad through new investments and cryptocurrencies.

Hubs such as Dubai have become important hubs for Russian capital, particularly for cryptocurrency transactions. A new development is the use of ruble-linked digital currencies, which can be used to move large sums of money outside traditional financial channels.

This situation indicates a major shift in the relationship between the Kremlin and the Russian economic elite. The oligarchs, who were once considered the most powerful people after President Putin, are now in a weaker position: they must finance state priorities, demonstrate political convictions, and at the same time protect their wealth from the risk of confiscation.

Thus, pressure on the oligarchs is not only a financial issue, but also a means of political control. The war has changed the balance between state power and the business elite, making private wealth in Russia increasingly dependent on the will of the Kremlin. (Corriere della Sera)


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