Veteran Kremlin watchers tell Forbes that the Russian president doesn’t care much about the asset freezes and travel bans that hound his country’s billionaires.
that will help them shelter a percentage of their assets, but life can’t be much fun as an international pariah.
According to Lingelbach, all of Putin’s real billionaire allies–Yuri Kovalchuk, Arkady Rotenberg and Boris Rotenberg, who helped him get his “foot on the wealth ladder” in the 1990s–were sanctioned back in 2014, after Putin’s troops swarmed Crimea. Putin is “largely indifferent” about the rest of the business elite, even those who claim to be close to the president, Lingelbach said. A public illustration of that dynamic was the Feb. 24Putin had with a group of the country’s business elite.
Peter Rutland, a Wesleyan University professor who studied Russia for more than three decades, pointed to the 2003 arrest of Russia’s then-richest man, Mikhail Khodorkovsky, as a “tipping point” in Putin’s relationships with the billionaires. Khodorkovsky, whoestimated to be worth $3.7 billion, was thrown in jail for alleged tax evasion after funding opposition parties against Putin.
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