Who are Russian oligarchs? Putin's 'powerful friends' suffering international sanctions

In response to Ukraine's invasion, numerous Western nations have imposed heavy sanctions on Russian oligarchs that are close to President Vladimir Putin. But who are oligarchs?

Who is a Russian Oligarch?

An oligarch is an extremely wealthy business leader, who is also politically connected. They became more prominent in the 1900s, during the era of privatization, and after the fall of the Soviet Union. Many Russian oligarchs have been heavily involved in and benefit from Putin's regime, with some even serving in political positions.

Historically, an oligarchy is a form of governance ruled by rich and powerful people. With time, it has become a group of influential business persons who are close to the Kremlin.

After the collapse of the erstwhile Soviet Union in 1991, the oligarchs rose to power by utilizing connections to the ruling establishments in Russia. They have gained profit from the privatization and economic reforms in the country.

As long as they stay loyal to President Vladimir Putin, the oligarchs live rich and infamous lives —  filled with superyachts, private schools, private jets, and sports clubs. But Putin’s Ukraine invasion threatens this lifestyle.

US, EU target Russian Oligarchs

Since 2018, several Russian oligarchs and their companies have been hit by US sanctions under the Countering America's Adversaries Through Sanctions Act (CAATSA) for their support of "Russian government's malign activity around the globe.

Following the invasion of Ukraine, a number of sanctions have been imposed by several European Union countries, Western countries, and other international organizations, which are especially focused on Russian oligarchs. 

Some oligarchs likely to face sanctions by the US and EU are Sergei Borisovich Ivanov; Andrey Patrushev, son of Nikolai Platonovich Patrushev; Ivan Igorevich Sechin, son of Igor Ivanovich Sechin; Alexander Aleksandrovich Vedyakhin; Andrey Sergeyevich Puchkov and Yuriy Alekseyevich Soloviev.

Russia-Ukraine war

The intense Russia-Ukraine war entered its 11th day on Sunday with Ukrainian emergency services stating that over 2,000 civilians have been killed in the nearly two weeks of a Russian invasion. On Saturday, the advancing Russian forces captured the Ukrainian military base near Kherson, as per the Russian military. Meanwhile, unfathomable destruction, damage, and fear of lives have pushed nearly 1.5 million Ukrainians to flee out of the country, as per the UN human rights organization.