In 2022, many Russian oligarchs were targeted and sanctioned by countries around the world as a rebuke of Russia's war against Ukraine.Īnatoly Chubais, the man most credited with the Yeltsin-era privatization that led to the growth of the oligarchs ĭuring the 1990s, once Boris Yeltsin became President of Russia in July 1991, the oligarchs emerged as well-connected entrepreneurs who started from nearly nothing and became rich through participation in the market via connections to the corrupt, but elected, government of Russia during the state's transition to a market-based economy. Since 2017, several Russian oligarchs and their companies have been hit by US sanctions under the table of Countering America's Adversaries Through Sanctions Act (CAATSA) for their support of "the Russian government's malign activity around the globe". The term " oligarch" derives from the Ancient Greek oligarkhia meaning "the rule of the few". The first modern Russian oligarchs emerged as business-sector entrepreneurs under Mikhail Gorbachev ( General Secretary 1985–1991) during his period of market liberalization. Keenan has compared these oligarchs to the system of powerful boyars that emerged in late-medieval Muscovy.
The failing Soviet state left the ownership of state assets contested, which allowed for informal deals with former USSR officials (mostly in Russia and Ukraine) as a means to acquire state property. Russian oligarchs are business oligarchs of the former Soviet republics who rapidly accumulated wealth in the 1990s via the Russian privatisation that followed the dissolution of the Soviet Union. A number of Russian oligarchs (from top left to bottom): Roman Abramovich
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