Could Roman Abramovich, owner of British Premier League football champions Chelsea FC, be asked to repatriate all his capital to Russia? (photo: dpa)

Putin seeks to increase political control of Russia’s oligarchs

Western sanctions and falling oil prices have hurt Russia’s economy. But measures taken against Russian oligarchs and their foreign interests by President Vladimir Putin are more for political than economic reasons. Mr Putin is seeking to increase his control over the elite by demanding they repatriate their money or risk being branded unpatriotic and face legal action.

PRESSURE is increasing on Russia’s economic performance from the combined impact of economic sanctions and a sharp fall in the price of oil.

Western governments like to believe this is causing the Russian government substantial pain. Some Western pundits believe Russia’s economy may ...

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Professor Stefan Hedlund
The Kremlin may achieve its main objective of enforcing loyalty from Russia’s financial elite, but this will come at a price. It will force Russian companies to concentrate their activities inside Russia, which will erode links with the outside world and therefore reduce even further the quality of governance
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