Vladimir Putin’s government has launched an aggressive campaign to nationalize the assets of Konstantin Strukov, one of Russia’s richest men and the owner of the country’s largest gold mining company. The move marks a sharp escalation in the Kremlin’s efforts to extract wealth from within its own elite as the financial toll of the war in Ukraine deepens.

Strukov, whose fortune is estimated at over $3.5 billion, is the founder of Yuzhuralzoloto—a gold empire built over decades with strong ties to the Kremlin. But on July 5, his private jet was grounded by Russian authorities as it prepared to leave for Turkey. His passport was reportedly seized, and the aircraft barred from departing.

  • Avid Amoeba@lemmy.ca
    link
    fedilink
    English
    arrow-up
    2
    ·
    6 hours ago

    Smaller scale millionaires perhaps. Once they go multinational, it becomes very difficult to significantly harm them even if one country decides to dispossess their business. This has already happened to large corporations that exist today through nationalization at various places and points in time. E.g. Shell after Venezuelan oil nationalization.

    • MrMakabar@slrpnk.net
      link
      fedilink
      English
      arrow-up
      4
      ·
      5 hours ago

      That requires rule of law to actually work. Putin is well known to murder problematic oligarchs. Combined with some proper blackmail, that tends to work very well.