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.
Putin’s response is to tap into the fortunes of Russia’s oligarchs—those he once empowered—as a new source of funding.
In recent months, several high-profile business figures have been hit with sudden legal trouble, “unexpected” deaths, or state-backed asset takeovers.
But the message to Russia’s business elite has already been delivered: no one is too rich, too loyal, or too connected to be safe.
As the Kremlin scrambles to sustain a war it cannot afford, billionaires may find themselves transformed overnight—from oligarchs into targets. »
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