Rich and Voiceless: How Putin Has Kept Russia's Billionaires on Side in the War

In the midst of Russia’s ongoing war in Ukraine, an often-overlooked dynamic is quietly shaping the nation’s internal landscape: the Kremlin’s intricate management of its billionaires. While Western sanctions target Russian wealth and business elites face mounting international scrutiny, Vladimir Putin has skillfully ensured that the country’s wealthiest citizens remain largely loyal—or at least publicly silent.
Russia’s billionaires, who collectively control a significant portion of the nation’s economic and industrial might, occupy a precarious position. They are powerful enough to influence markets and investment flows, yet vulnerable to state pressure. During the war, many have chosen—or been compelled—to align their public stance with Kremlin interests, revealing the complex interplay between wealth, influence, and survival in Putin’s Russia.
Wealth Under Watchful Eyes
In Russia, wealth does not automatically equate to freedom. Oligarchs who amassed fortunes in the 1990s and early 2000s operate in a political ecosystem tightly overseen by the state. Since the beginning of the Ukraine war, those with significant holdings have faced increased pressure to demonstrate loyalty. The Kremlin has used a combination of incentives and implicit threats, ensuring that major business figures continue to fund state-friendly initiatives and refrain from dissent.
The rewards for compliance are substantial. Those who toe the line maintain access to lucrative state contracts, preferential loans, and the opportunity to expand their businesses domestically and abroad. Conversely, defiance can result in punitive measures, including freezing of assets, legal investigations, and, in extreme cases, exile or arrest. This system of reward and threat has cultivated a culture of silence among Russia’s elite.
The Quiet Compliance of the Oligarchs
High-profile Russian billionaires such as Roman Abramovich, Alisher Usmanov, and others have largely avoided public criticism of the war. Some have stepped back from international dealings to minimize scrutiny, while others have made token statements in support of state initiatives. The message is clear: in Putin’s Russia, wealth must be accompanied by silence—or at least a carefully curated public image that avoids confrontation with the state.
For many, this compliance is not merely pragmatic—it is survival. The fate of former oligarchs who have fallen afoul of Kremlin interests, such as Mikhail Khodorkovsky, serves as a stark reminder of the risks involved. The billionaires’ loyalty is not always enthusiastic; often, it is a calculated choice to protect their businesses, families, and international positions.
Impact on Russia’s Economy and the War Effort
The alignment of the wealthy elite has had a profound impact on Russia’s war effort. Oligarch-controlled industries, including energy, manufacturing, and finance, continue to function under state oversight, providing critical resources and revenue streams for the Kremlin. This economic backbone allows Russia to sustain military operations despite heavy sanctions and international isolation.
Moreover, the silence of billionaires helps reinforce the Kremlin’s narrative domestically. By maintaining a united front among the wealthy elite, Putin reduces visible dissent that could inspire broader societal opposition. The perception of elite support—real or staged—bolsters the image of stability, even amid economic hardship and growing international pressure.
The International Response
Western governments have attempted to disrupt this dynamic by targeting Russian oligarchs with sanctions, travel bans, and asset freezes. While some billionaires have been affected, many have found creative ways to circumvent restrictions through proxy investments, foreign partnerships, or relocation of assets. This cat-and-mouse game demonstrates the limits of external pressure in altering domestic power structures, particularly in a state where wealth is deeply intertwined with political compliance.
Looking Ahead
The relationship between Russia’s billionaires and the Kremlin is a delicate one, shaped by mutual dependence and fear. As the war continues, this dynamic is likely to persist. While some oligarchs may seek subtle ways to protect their wealth internationally, most will continue to prioritize survival over activism. Putin’s ability to maintain this control reflects the enduring power of the Russian state to align interests, co-opt influence, and enforce compliance through both incentive and intimidation.
In essence, Russia’s billionaires remain rich, but voiceless. Their fortunes are protected, but only so long as they adhere to an unspoken social contract with the Kremlin. For observers abroad, this dynamic highlights a central truth about contemporary Russia: in Putin’s vision, loyalty outweighs wealth, and silence is often the most valuable currency.