16. The State Strikes Back: Putin’s Consolidation
As the new millennium dawned, Vladimir Putin moved swiftly to curb the chaotic power of the oligarchs. He made it clear: they could keep their fortunes only if they pledged absolute loyalty to the Kremlin. Those who resisted, like oil tycoon Mikhail Khodorkovsky, faced prosecution, imprisonment, or the loss of their companies. Putin’s crackdown reasserted state control and transformed the relationship between business and political power, making oligarchs subservient to the presidency (via The Economist).
