Putin Reshuffles Oligarchs, Demanding Loyalty and Sacrifice for War Efforts
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When Putin took power in 2000, he made a deal with the oligarchs stay out of politics and keep your wealth. Those who didn't, like Berezovsky, were forced out.
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Putin has used the war in Ukraine as a pretext to further consolidate his power over the oligarchs. They have to accept his decisions, even as their wealth takes a hit.
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Most oligarchs have stayed quiet or offered only muted criticism of the war, showing their loyalty to Putin. Oleg Tinkov was a rare exception in denouncing it.
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Putin seems to be creating a new cadre of oligarchs who will be more beholden to him, redistributing assets seized from foreign companies leaving Russia.
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Analysts say Putin wants less powerful oligarchs compared to the 1990s era, shoring up his own position by making them reliant on his patronage for their wealth.