Russian oligarchs, whose wealth has often been viewed as a potential vulnerability for Vladimir Putin, have largely remained supportive of the Kremlin’s agenda despite unprecedented Western sanctions. Rather than becoming a source of opposition, the nation’s wealthiest individuals appear to have been strategically managed by the Russian government, ensuring their continued allegiance throughout the ongoing conflict.
Economic policies implemented by Moscow have effectively galvanized the business elite, transforming them into silent participants in the war effort. This outcome contrasts with expectations in Western capitals, where sanctions were intended to exert pressure on those close to power, potentially creating internal dissent. The success of these policies in maintaining oligarchic support suggests a sophisticated approach to managing elite opinion within Russia.
The strategy appears to involve a combination of carrots and sticks, ensuring that the benefits of aligning with the Kremlin outweigh the potential risks associated with defying it. While the specific mechanisms are not publicly detailed, it is understood that the government has mechanisms to reward loyalty and penalize disloyalty among the wealthy. This has resulted in a unified front, at least publicly, from Russia’s business magnates regarding the country’s geopolitical actions.
This enduring support from the oligarch class provides a degree of stability to Putin’s leadership and his wartime agenda. It suggests that the economic and political leverage available to the Russian state is sufficient to maintain the complicity of even the most powerful individuals within the country. Consequently, the anticipated fracturing of support along economic lines, driven by sanctions, has not materialized as hoped by external observers.
