Authors

Ingvill Moe Elgsaas¹;  ¹ Norwegian Institute for Defence Studies/ Norwegian Defence University College, Norway

Discussion

The relationship between President Vladimir Putin and “his” oligarchs is an intricate one of mutual but highly asymmetric dependence. Apoliticism and loyalty to Putin are of utmost importance for today’s oligarchs. This “group” is usually perceived of as obscenely rich individuals with little in common other than greed; ruthlessness; and a solid dose of Lady Fortuna’s grace or a state procurement contract, whichever comes first. Now, however, some observers point to a potentially unifying force for Russia’s oligarchs, an external pressure that may provoke them to band together as well as rally behind their cardinal: Western sanctions. Russia’s escalating transgressions in Ukraine—from the annexation of Crimea through “clandestine” warfare in Eastern Ukraine to the full-scale invasion—have been met with unprecedented sanctions. As a first, individual Russian oligarchs are sanctioned for their role as enablers to Putin and his invasion of Ukraine. This warrants a critical review of the relationship between Putin and “his” oligarchs considering current events. Are the oligarchs mainly vassals or benefactors to Putin? This is intrinsically linked to other important questions: what is the West seeking to achieve by sanctioning select oligarchs? And what are the chances for success? In this paper, we combine analyses of Russian elite networks and Western sanctions. Focus is on oligarchs placed under individual sanctions following Russia’s invasion of Ukraine.