In light of the recent war on Ukraine, Russian Oligarchs might be slowly losing their wealth, at least publicly. The Russian Oligarchs are now being targeted with strict sanctions.

The EU and countries in support of Ukraine have recently placed sanctions on Russia. The sanctions have limited Russian travel and crippled its economy. However, supporting countries have now chosen to go after Vladimir Putin and his elite group with fierce sanctions. The U.S specifically is now focused on freezing the assets of Russian Oligarchs and blocking their property from use. The US and countries in support of Ukraine are finally going after Russia’s most elite, the Oligarchs.

If you don’t know what a  Russian Oligarch is, they’re the Russian social elite who hold major power and influence. These Oligarchs have majorly profited off the fall of the Soviet Union and have gained their wealth by taking over most state-owned businesses. Not only have they accumulated unlawful wealth but also hold a strong and unjust influence over Russian politics.

As of Thursday, March 3, President Biden has announced that he is imposing sanctions on eight members of the Russian elite and their families. Biden’s goal is to directly impact President Putin and his clique. Biden has stated he is going after the oligarch’s “ill-begotten gains.” These sanctions will freeze any of their assets that are in the US, their properties will be blocked from use, and they will be cut off from the US financial system. In addition, the US is imposing visa restrictions on the Oligarchs, their family, and associates.

“It’s nice to see that people aren’t siding with Putin and are trying to weaken his power,” says Sophmore Noor Rand.

“Treasury is committed to holding Russian elites to account for their support of President Putin’s war of choice,” says Secretary of the Treasury Janet L. Yellen.

The White House fact sheet also states that US and governments all over the world are working together to target the Oligarchs.

Like how children get their toys taken away, the elites are also facing the consequences of the war with sanctions. “Their yachts, luxury apartments, money, and other ill-gotten gains,” as stated in the fact sheet. The Oligarchs ‘toys’ are slowly being taken away by supporting governments.

Alisher Usmanov is one of the wealthiest Oligarchs who holds interests in metals, mining, and telecommunications technology. Recently, the Treasury brought to light Usmanov’s financial ties to Putin. The U.K. announced sanctions against Usmanov and the multiple properties he owns which are worth millions of pounds. Usmanov’s superyacht was just seized by Germany as well as his private jet, which is Russia’s largest private-owned aircraft.

Yevgeniy Prigozhin runs widescale social media influence campaigns. Prigozhin was sanctioned before for trying to interfere in the U.S. elections. Prigoshin’s companies and networks have been exposed for previous spreading fake news in Africa, spreading disinformation on serval European politicians in support of Russia, interfering in elections, and changing public opinions in Asia.

Sergei Chemezov is a “trusted ally of Putin” as described by the State Department. He was previously sanctioned in 2014 by the U.S. Chemezov is the head of Rostec which is a technology and manufacturing corporation. He is a former KGB agent and high-ranking general who once worked closely with Putin in East Germany.

Keep in mind these are only three out of serval Oligarchs who are being currently targeted.

“Very tough sanctions are, in fact, a war,” says Chemezov. “And we, naturally, must be ready for this. But I think that the Americans and Europeans are not ready for this war.”

“I get what they’re doing in trying to go after the elites, but in Russia, it’s much more serious because they have a lot more power than for example, Jeff Bezos or Elon Musk. They want the Oligarchs to get so angry with Putin that he stops this war. I don’t know if it’s effective, it has to hurt Putin directly,” says History teacher Mr. Turso.

In general, the west is working together more than ever to go after the Oligarchs and Putin. By freezing assets, cutting Russia out of SWIFT, and getting companies to pull back from Russia, the west is slowly isolating Russia from its economy. By doing this, Russia has plunged its currency, the ruble, to an all-time low against the US dollar. As of Friday, March 11, the Russian Ruble stands 0.0086 to one US Dollar. That’s less than a penny.