An expert told Insider that mainstream media has mostly referred to the billionaires asoligarchs, but they might be more accurate considering their lack of political influence.
The US, the UK, and the EU have imposed sanctions on members of Putin's inner circle, resulting in the seizure of their valuable assets.
At this point in history, billionaires are found in various industries, like coal, oil, and energy, according to a former US ambassador.
Some of the tycoons that are active today have their yachts seized in Europe, but they don't have political influence like the oligarchs did in the 1990s.
Russia's tycoons haven't had much political influence since Putin rose as Russia's leader in 2000.
The billionaires were forced to serve and remain subservient to the Kremlin under the former Russian President Boris Yeltsin. Oligarchs that did not follow his rules ended up in jail, sent to exile, or dead.
Simon Miles, an assistant professor of Slavic and Eurasian Studies at Duke University, previously told Insider that the basic deal was that they could keep their wealth in exchange for subservience.
Some experts don't think they will change Putin's mind about the invasion.
Tom Keatinge, the director of financial crimes and security studies at the Royal United Services Institute, told CNN that the sanctions are symbolic and compared them to a PR exercise.
oligarchs are just Putin's footmen and cannot influence him.
The sanctions will hit Russia hard. He compared it to when the West imposed milder sanctions on Russia.
The new sanctions are going to have a lot of impact.
All Rights Reserved © 2024
