All those who attended were subsequently placed under sanctions in the West, their audience with Putin perceived as the expression of their support for the so-called "special military operation." Of the other 11 who met with Putin in Moscow last week, eight attended a high-profile meeting with the president hours after Russian troops were ordered into Ukraine on February 24, 2022. Forbes described the falling out as a "horrendous blow" for Zyuzin. The billionaire has fallen foul of Putin in the past, criticized by the then-president in 2008 for reduced export prices of coal and other raw materials. The only one not yet sanctioned is the owner of the mammoth Mechel mining company, Igor Zyuzin. Eleven are already on Western sanctions lists due to their close relationship with the dictator and his top Kremlin officials. At the same time, representatives of large businesses adopt a responsible position, provide jobs and pay great attention to social support for employees."Īmong those who met with the president last week were 12 particularly powerful figures. "The President has always emphasized that membership in the RSPP is voluntary. Not all the businessmen were present at the meeting. Peskov told Newsweek in a statement that Putin "is very satisfied with the communication with the RSPP and members of its bureau. "The choice is very clear for them." Putin's Men They understand well that if they are not complying with these rules then they will lose their assets they would lose everything." "I think the majority of these people don't like this war," he said. Kremlin spokesman Dmitry Peskov told Newsweek earlier this month there is no divergence in opinion between Putin and the oligarchs.īut Ignatov offered a different characterization of the relationship. But moving against the Kremlin could prove worse. Oligarchs who for years enjoyed the freedom and gross economic opportunities of the West have seen their movements and fortunes come under increasing scrutiny. Putin received a standing ovation after addressing the RSPP meeting, but many in Russia's business community are thought to be unsettled by the full-scale invasion of Ukraine and the subsequent sanctions. "Many people in the West think they could influence him. "They are dependent on goodwill," Oleg Ignatov, the Crisis Group think tank's senior analyst for Russia told Newsweek. Russian President Vladimir Putin is pictured during the congress of Russian Union of Industrialists and Entrepreneurs (RSPP) on March,16,2023, in Moscow, Russia. In exchange, Russia's richest stay out of politics and bow to the president when required. Oligarchs can make and enjoy fortunes with the blessing-and while paying significant tribute to-Putin and his Kremlin circle. But a ballooning budget deficit-in part due to falling fossil fuel export profits-raises the danger of long-term economic malaise for Russia.īut Russia's kleptocracy has clear rules. Russia's economy has proved more resilient in the short term than Western officials hoped, shrinking by only 2.1 percent in 2022 despite the avalanche of measures seeking to isolate Moscow. "He does not hide assets offshore, but registers companies here, in our country, and does not become dependent on foreign authorities." "A responsible entrepreneur is a real citizen of Russia, of his country, a citizen who understands and acts in its interests," Putin told the meeting of the Russian Union of Industrialists and Entrepreneurs (RSPP). President Vladimir Putin last week summoned some of the country's richest and most powerful oligarchs to Moscow to urge them to put patriotism ahead of profits, as unprecedented Western sanctions imperil the fortunes and financial networks that for years have given the Kremlin a back door into the West.
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