Lauge Risom Koch 
A Bloomberg analysis cited by Digi24 says Russia’s wealthiest businessmen are increasingly concerned that growing state intervention, asset seizures and war-related financial pressures could threaten even the most powerful fortunes.
Russia’s wealthiest business figures are becoming increasingly uneasy as the Kremlin expands a campaign of nationalizations, asset confiscations and anti-corruption investigations.
According to Digi24, citing a Bloomberg analysis, even oligarchs considered loyal to Vladimir Putin are no longer seen as immune from state intervention.
Growing anxiety
According to Bloomberg, Russia’s business elite is increasingly concerned that strategic assets could be taken over by the state.
The campaign has intensified since the full-scale invasion of Ukraine, with authorities targeting companies in sectors such as energy, agriculture, transport, infrastructure and chemicals.
Analysts cited by the publication say the message from the Kremlin is becoming clear: political loyalty alone may no longer guarantee protection.
Many wealthy Russians reportedly fear their businesses could become targets without warning.
High-profile cases
One example highlighted by Bloomberg is agricultural tycoon Vadim Moshkovich, who lost control of major holdings in the Rusagro group, reports Digi24.
Russian prosecutors argued that his political activities and business interests conflicted with domestic regulations.
Another case involved businessman Konstantin Strukov, who reportedly lost control of his mining and agricultural assets following corruption allegations.
According to Bloomberg, Strukov had previously received state honors and was a member of the ruling United Russia party.
State expansion
According to estimates cited by Bloomberg, assets worth roughly 4 trillion rubles have been transferred to state control in recent years.
Authorities have justified many of the seizures through anti-corruption investigations, national security concerns or disputes linked to privatizations carried out during the 1990s.
In response, Russian business leaders have increasingly sought stronger legal protections for private property.
A recently approved law introduces a 10-year statute of limitations for challenging privatization deals, although corruption-related cases remain exempt.
War funding pressure
According to The Bell, cited by Digi24, Putin also urged major business figures during a closed-door meeting in March to make voluntary financial contributions to support the state.
The discussion reportedly took place amid growing budget pressures linked to the war in Ukraine.
Sources cited by The Bell said businessman Suleiman Kerimov pledged 100 billion rubles, while other wealthy attendees also expressed support for the initiative.
Analysts told Bloomberg that the combination of mounting fiscal pressures and expanding state control is reinforcing concerns among Russia’s economic elite about the security of their fortunes.
Sources: Digi24, Bloomberg, The Bell
