Putin is at the mercy of Russian billionaires. What does the Kremlin leader urge them to do to counter sanctions?

Vladimir Putin on Thursday urged Russia’s billionaires and business elite to invest in new technologies, manufacturing facilities and companies to thwart Western efforts to destroy Russia’s economy.

Putin insisted that Russia had so far defied these efforts and that Western companies that had decided to stay in the country had made a wise decision, rather than joining the exodus of companies, as quoted by Reuters. Agerpres.

Vladimir Putin held a meeting with Russia’s top billionaires on Thursday, the first time since the invasion of Ukraine began on February 24, 2022, when the Kremlin leader launched what he calledA Special Military Operation” In Ukraine.

Putin told the billionaires he had no choice but to send Russian troops into Ukraine, forcing the billionaires to publicly acknowledge his decision. Many Russian billionaires, popularly known as oligarchs, were later targeted by sanctions imposed by the West.

A year after the invasion, Putin is putting new pressure on Russian billionaires to increase their investments at home and support the economy in the face of unprecedented Western sanctions.

Billionaires Oleg Deripaska, Vladimir Potanin, Alexei Mordashov, German Khan, Viktor Vekselberg, Viktor Rashnikov, Andrei Melnichenko and Dmitry Mazepin have interests in everything from mattresses to banks and fertilizers. Russian mass media.

Putin told business leaders that Russia faces “Sanctions War” But he was able to quickly reorient his economy toward countries that did not impose sanctions and thanked businessmen for working to help the Russian government.