Introduction

The complex relationship between Russian President Vladimir Putin and the country's elite oligarchs has been a topic of much speculation and analysis. While official roles of the oligarchs have faded, their economic influence persists. This article explores the current dynamics and the role of these oligarchs in the ongoing war in Ukraine, including their financial backing of mercenaries and the broader implications for Putin's support base.

The Economic Role of Russian Oligarchs

Despite their loss of official political roles, many Russian oligarchs continue to exert significant economic influence. According to the Anti Corruption Foundation, 46 oligarchs have been sanctioned by the United States and/or the European Union due to their involvement in the war in Ukraine. While not all oligarchs are actively involved in the conflict, some, such as Yevgeny Prigozhin, have made substantial financial backing to active participants like the Wagner Group.

These oligarchs contribute to the war efforts through their financial support, often providing funds for mercenary groups. Their assets and financial resources are essential to sustain the war machinery. However, their support is not unconditional. The continuation of the war and its impact on their economic interests create a delicate balance. Politically, they need Putin, yet economically, they might not fully support his aggressive actions.

The Oligarchs' Loyalties and Economic Survival

The oligarchs are not immune to the economic risks posed by the war. Economic sanctions have had a profound impact on their financial positions. Rich people often have no loyalties tied to their wealth. Putin's actions have endangered their economic well-being, forcing them to reassess their support for him.

Some oligarchs have already taken steps to protect their wealth. For instance, Mikhail Khodorkovsky, a prominent oligarch, was arrested in 2003 for attempting to bypass Putin's power. This serves as a stark reminder that there is a cost to challenging the status quo. Some oligarchs choose to maintain their financial interests abroad, while others seek to move their wealth to safer zones outside the West.

It is noteworthy that the oligarchs' reluctance to fully support Putin is driven by their economic survival. They understand that acting against Putin could result in losing their access to Russian business operations. Therefore, while they might not actively support his actions, they are not willing to risk their entire wealth by openly opposing him.

Why Support Ukraine Is Unquestionable

The stance of the oligarchs towards Ukraine provides insight into their broader perspective. Germany's Foreign Minister, for instance, questioned the support for Ukraine, which led to a resumption of sanctions by the US and EU. The idea that the free world should hesitate to support Ukraine is not just unfounded but dangerous. The unprovoked attack on Ukraine necessitates a strong condemnation and retribution from the international community, including non-material forms of support.

Putin's actions in Ukraine are reminiscent of Nazi Germany under Hitler. He is a provocateur who relies on mercenaries from other countries, thus bending the rules. The West must not fall into this trap. Ukraine should be allowed to defend itself, including through targeted strikes on Russian positions. If the world thinks that Russia will stop at Ukraine, they are misleading themselves. Putin is a dangerous and destabilizing force that must be countered.

Conclusion

Putin's relationship with the Russian oligarchs is marked by a delicate balance of economic dependence and political neutrality. The oligarchs, driven by self-preservation, must choose between supporting Putin and protecting their financial interests. However, the free world must remain united and support Ukraine. The oligarchs might not fully support Putin's actions, but they will not oppose them to the extent that it jeopardizes their economic survival.