Stealing Russia: A win for kleptocrats with assets worth billions up for grabs

As Western companies exit, Russia's shrinking wealth will become even more concentrated among the kleptocrats who have remained

Vladimir Putin has used the situation to enrich himself even further. Picture: AP

Wars and sanctions usually lead to major redistributions of property through nationalisation, confiscation, and often criminalisation. Russia today is no exception.

Largely underreported, a radical redistribution of property is under way in the country. Just as the Kremlin’s war of aggression in Ukraine is increasing president Vladimir Putin’s control of society, it is severely damaging economic efficiency, with international sanctions hitting energy, banking, armaments, and other core industries with increasing force.