Russia's Economic Elites in Wartime: Winners, Losers, and Shifting Boundaries of Wealth and Power

Abstract

Russia's ongoing war in Ukraine has significantly impacted the country's economic elites. While some billionaires have profited from asset redistribution and the departure of foreign companies, others have faced severe financial and reputational losses. Despite apparent dissatisfaction among economic elites, their public opposition to the war remains minimal due to increasing control by security services and risks associated with dissent. Meanwhile, nationalization efforts continue to reshape property rights, fostering uncertainty among business circles. As the state deepens its influence in economic affairs, a new group of beneficiaries emerges, fundamentally altering Russia’s economic elite landscape.