Earlier this month, the Russian oligarchs fired a thinly veiled warning shot at Russian President Vladimir Putin when they planted simultaneous stories in multiple major European newspapers claiming that Putin was considering quitting. Putin has no such plans, but it was the Russian billionaires’ way of reminding him that they control his fate – and they’re unhappy about the costly sanctions corner he’s backed them into. Now the real reason for their impatience is coming to light, and it’s even uglier than previously known.
The new sanctions law passed by the United States in August will financially harm the Russian oligarchs far more severely than previously believed, according to a new profile from The Economist (link). These increased sanctions will serve to blacklist the oligarchs as if they were terrorists, preventing them from carrying various kinds of business deals, and devastating them in the wallet.
It’s not widely understood, but Putin’s primary motivation for rigging the U.S. election in Trump’s favor was to get existing U.S. sanctions against Russia lifted. Those sanctions have personally cost Putin billions of dollars over the past few years, and they’ve cost his oligarchs even more. Instead, because Putin rigged the election in such a brazen way and got caught, and because Trump has been such a disaster, it’s prompted the U.S. to crack down with even harsher sanctions.
At this point the Russian oligarchs may only have one path for getting sanctions lifted and getting back on the good side of the United States: by ousting Vladimir Putin from within, and by taking down Donald Trump in the process. It’s why the oligarchs planted those stories about Putin’s supposed retirement in the media. This has been all about money, and lots of it, from the start. Putin helped make the oligarchs wealthy to begin with, but now he’s costing them money – and they won’t tolerate it for much longer.
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Bill Palmer is the publisher of the political news outlet Palmer Report