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The economic sanctions on Russia have had wide-ranging debilitating effects, from asset freezes to individuals’ travel bans and the dissolution of contracts and business ventures with Western partners. To avoid such sanctions, some oligarchs renounced the war in Ukraine, rescinded their Russian passports or sold off their Russian businesses. Others moved abroad. This column describes how this has opened the door for a new coterie of Russian oligarchs, with direct family ties to top Russian politicians, including President Putin. This further concentration of economic power brings about increased income inequality, which has been on the rise since sanctions began.
