CHARLOTTE, N.C. — Over the last few weeks, Russia's economy — and the nation's oligarchs — have taken huge hits thanks to sanctions following President Vladimir Putin's invasion of Ukraine.
But who exactly are these Russian oligarchs, and why are these specific people being targeted through economic sanctions?
Let's connect the dots.
Power & money
What exactly is an oligarch? By definition, an oligarch is a member of a small group of people who have control of a country, organization or institution, usually through a massive amount of wealth.
Russian billionaires
In Russia, there are about 35 billionaires who have profited from their association with Putin. They rose to power back in the '90s when the Soviet Union collapsed by buying government-run institutions and becoming multibillionaires.
As long as they remain loyal to Putin, their rich lifestyle only gets richer.
U.S. going after oligarchs
But Putin's invasion of Ukraine is threatening that lavish lifestyle. So far, sanctions from the United States and European Union have cost oligarchs over $80 billion.
These Russian elites also own property in the U.S. and other European countries, but now, the Justice Department has launched a task force to go after their assets, dealing another blow to Putin's strongest allies.
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