RUSSIA AND UKRAINE WAR: THE IMPACT OF ECONOMIC SANCTIONS ON RUSSIA OLIGARCHS

Abstract

The effect of economic sanctions placed on Russian billionaires as a result of the continuing war between Russia and Ukraine is examined in this article. Since the battle began in 2014 and intensified dramatically in 2022, Western countries have imposed a variety of sanctions on people, companies, and industries intimately linked to the Kremlin. The purpose of this study is to evaluate how well these sanctions have worked to reduce the economic clout and sway of Russian oligarchs, who are crucial to the political and economic climate of their nation. Since data for the study came from secondary sources such books, journals, websites, and periodicals, it used the historical method. The study finds that, the economic sanctions imposed on Russian billionaires have had a significant effect, reducing their financial clout, upsetting their commercial ventures, and exerting indirect pressure on the Russian government. This paper suggests, among other things, that the involved nations in the sanctioning should coordinate their efforts and present a unified face.