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The term “oligarch” refers to a business magnate or powerful individual who wields significant economic and political influence, often derived from close ties to the ruling elite. In post-Soviet Russia, the rise of oligarchs began in the 1990s, a time of rapid privatization and weak state institutions following the collapse of communism. Those with access to capital, insider connections, and information seized state-owned assets at rock-bottom prices, transforming them into sprawling empires. Figures like Roman Abramovich, Vladimir Potanin, and others rose to prominence, dominating industries from oil and steel to banking and media. But with Ukraine’s resilience and sweeping Western sanctions, the era of unchecked oligarch power may be drawing to a close.
Russian Prime Minister Vladimir Putin in a meeting with Russian oligarch Roman Abramovich (on the left, in the center) in 2010.
Roman Abramovich, once a symbol of Russian wealth and influence in the West, became a focal point of this shifting landscape when his £2.5 billion proceeds from the sale of Chelsea FC were frozen by the UK government. The sale, finalized under intense international pressure following Russia’s invasion of Ukraine, was intended to fund humanitarian aid for Ukraine. However, the funds have been locked in limbo due to complex legal and diplomatic wrangling. British authorities now signal readiness to pursue legal action to unlock the money, highlighting the intricate intersection of oligarch wealth, sanctions, and global accountability.
Once commanding vast empires and enjoying global influence, these exiled titans now navigate a transformed landscape marked by asset freezes, legal battles, and diminished clout. This article examines the trajectories of five key figures: Roman Abramovich, Oleg Deripaska, Alisher Usmanov, Vladimir Potanin, and Alexei Mordashov.
Roman Abramovich’s business empire grew through his knack for spotting opportunities in energy, metals, sports, and finance. His wealth really took off in the 1990s when he picked up the oil company Sibneft and later sold it to Gazprom for a cool $13 billion. Over the years, he’s also held major stakes in companies like Evraz, Rusal, and Highland Gold. Beyond his natural resources ventures, Abramovich famously owned Chelsea FC from 2003 until 2022, while managing his fortune through Millhouse Capital.
Roman Abramovich bought Chelsea Football Club back in June 2003, paying around £140 million for the team.
• Pre-Sanctions Wealth: £12 billion ($15 billion) in 2021
• Post-Sanctions Wealth: Approximately $9.18 billion as of June 2025
• Past Residences and Circles: Owned a £150 million mansion in London’s Kensington Palace Gardens, a château in the French Riviera, and mingled with Western elites at art events and football matches
• Current Residence: Now residing between Istanbul, Sochi, and Tel Aviv, maintaining a low profile
• Putin Ties: Historically close to the Kremlin and Vladimir Putin, played a role in political appointments and major deals
• Recent Developments: Sold Chelsea FC for £2.5 billion in 2022, intended for Ukrainian humanitarian aid, but funds remain frozen amid legal disputes. The UK government is preparing legal action to release the money. His superyacht lies unused, symbolizing his curtailed empire.
Roman Abramovich Net Worth: Approximately $9.18 billion as of June 2025
Roman Abramovich put his Kensington Palace Gardens mansion up for sale in early 2022, but things got complicated fast. UK sanctions froze his assets that March, putting the brakes on the deal. Now, the house sits unsold and locked in legal limbo.
Roman Abramovich’s Boeing 787-8 Dreamliner was hit with a U.S. seizure order back in June 2022. It flew to Russia in March that year without the needed export licenses, breaking U.S. sanctions. This all happened as the West ramped up pressure following Russia’s invasion of Ukraine.
Oleg Deripaska
Oleg Deripaska has his hands in just about everything—metals, energy, cars, and even agriculture. He’s the guy behind Rusal, one of the biggest aluminum producers on the planet, and En+ Group, a major player in energy. Through his company Basic Element, he’s got a grip on power with EuroSibEnergo, vehicles with GAZ Group, and even insurance through Ingosstrakh. Sanctions may have slowed him down, but he’s still a big name in Russian industry.
• Pre-Sanctions Wealth: $28 billion in 2008 (reduced post-2008 crash)
• Post-Sanctions Wealth: Approximately $4.3 billion as of January 2025
• Past Residences and Circles: Owned properties in London’s Belgravia, New York, and Washington, D.C.; mingled with global political and business elites
• Current Residence: Primarily in Moscow, with properties in Montenegro
• Putin Ties: Once a Kremlin favorite, though his criticism of the Ukraine invasion has strained ties
• Recent Developments: Sanctioned by the UK and EU; denied links to Redut, a private military company; publicly called the invasion “madness”
Oleg Deripaska Net Worth: Approximately $4.3 billion as of January 2025
Oleg Deripaska Washington, D.C mansion
Alisher Usmanov
Alisher Usmanov’s business empire touches everything from mining to media, telecom to tech. He runs the show at USM Holdings, which has big stakes in Metalloinvest and MegaFon. His portfolio’s pretty diverse—there’s AliExpress Russia in e-commerce and tech investments in Mail.ru Group and DST. And let’s not forget his ownership of Kommersant media and the Udokan Copper mining project.
• Pre-Sanctions Wealth: $21.5 billion in 2021
• Post-Sanctions Wealth: Estimated $16.8 billion as of November 2024
• Past Residences and Circles: Owned a mansion in Highgate, London, known for art collections and philanthropy, moved in elite Western business circles
• Current Residence: Resides in Tashkent, Uzbekistan, focusing on regional development
• Putin Ties: Described by the EU as a “pro-Kremlin oligarch with particularly close ties to Putin”
• Recent Developments: Sanctioned by the EU, US, and UK; assets frozen; investing in a business center in Namangan; legal appeals unsuccessful
Alisher Usmanov Net Worth: Estimated $16.8 billion as of November 2024
Alisher Usmanov $800M Superyacht. Dilbar was launched in 2015 at the German Lürssen shipyard, delivered in 2016, and is the world's largest superyacht in terms of its overall internal volume
Russian Oligarch Vladimir Potanin
Vladimir Potanin’s business empire is built around Interros, which holds a mix of mining, tech, banking, and tourism interests. He’s the top dog at Norilsk Nickel, the world’s biggest nickel and palladium producer. On the finance side, he’s got stakes in Rosbank and Tinkoff, plus a smart move into tech with a slice of Yandex. His empire also includes the Rosa Khutor ski resort and Petrovax Pharm in the pharmaceutical world.
• Pre-Sanctions Wealth: $17.4 billion in 2022
• Post-Sanctions Wealth: Approximately $24.2 billion as of June 2025
• Past Residences and Circles: Owned properties in Moscow; influential in Russian cultural institutions like the State Hermitage Museum
• Current Residence: Resides in Moscow, Russia
• Putin Ties: Historically close, served as First Deputy Prime Minister under Yeltsin; pragmatic relationship with the Kremlin
• Recent Developments: Expanded domestic investments, acquired a 9.95% stake in Yandex, exploring rare earth metals in Russia and Eastern Ukraine
Vladimir Potanin Net Worth: Approximately $24.2 billion as of June 2025
Vladimir Potanin moved his $300 million superyacht to the safe haven of Dubai
Alexey Mordashov
Alexei Mordashov’s business empire covers everything from steel and mining to tourism and energy. He runs the show at Severstal, which has a strong grip on Russia’s steel industry and mining. On top of that, he holds stakes in TUI Group, Power Machines, and even media outfits like National Media Group. His portfolio doesn’t stop there—it also includes retail, telecom, and banking.
• Pre-Sanctions Wealth: $29.1 billion in 2021
• Post-Sanctions Wealth: Approximately $28.6 billion as of June 2025
• Past Residences and Circles: Owned properties in Moscow; held stakes in international firms like TUI Group; active in global business circles
• Current Residence: Resides in Barvikha, a wealthy suburb of Moscow
• Putin Ties: Known loyalist, ties to Rossiya Bank, considered the “personal bank” of senior Kremlin officials
• Recent Developments: Assets seized, including the Lady M yacht; shifted focus to domestic investments; maintained strong ties to the Kremlin
Alexei Mordashov Net Worth: Approximately $28.6 billion as of June 2025
Italian police seized Alexei Mordasho 215 ft yacht, the 'Lady M' (pictured), which had a price tag of 65 million euros
Sanctions could potentially be lifted—but under strict conditions: a durable peace deal between Ukraine and Russia, leadership changes in the Kremlin, personal actions by oligarchs to distance themselves from the regime, and geopolitical negotiations. If lifted, these oligarchs could reclaim frozen assets, rebuild global empires, and rehabilitate their images. However, public and political scrutiny would likely remain intense. For now, the odds favor continued isolation as the war drags on.
Analysts and policymakers continue to weigh in on the long-term impact of sanctions. Tom Keatinge, Director at RUSI, emphasized that “for the Kremlin, outpacing sanctions is existential,” highlighting the regime’s focus on maintaining stability amid mounting pressure. The Wilson Center observed that “it took a while, but the pressure from the sanctions is mounting and having an impact on the Russian economy,” signaling that the measures are slowly constraining Russia’s ability to sustain the war. Chatham House added, “the current approach to sanctions on Russia presupposes that a decrease in living standards should prompt a change in the Kremlin’s calculations. This does not work (or at least, it does not work fast enough),” underscoring the limitations of relying solely on economic measures to prompt regime change.
The question remains: is this truly the end of the oligarch era—or just the beginning of a new chapter? The original oligarchs emerged from the chaos of the 1990s, but today’s centralized, Kremlin-controlled economy leaves little room for new freewheeling magnates. However, we may see a new class of state-appointed technocrats or rising regional tycoons in places like Kazakhstan or Uzbekistan. While the old model of oligarchs may be fading, the allure of concentrated wealth and influence persists. Whether through Kremlin loyalists, regional players, or new power brokers, the story of oligarchs may not be over—it’s simply evolving.
