After the war between Russia and Ukraine, sanctions were imposed on Russia from Europe. After these sanctions, oligarchs came to the fore. So, what does oligarch mean? Who are the oligarchs?
What is an oligarch?
Oligarchy, in its traditional sense, is a form of government in which a small and privileged group is in power. The term "oligarch" is used to describe people or groups that are members or supporters of the oligarchy.
Today, this sözcük is used to describe a group of ultra-wealthy Russian citizens who came to prominence after the collapse of the Soviet Union in 1991. An oligarch may be a member of the ruling class, which is distinguished from the rest of society by religion, kinship, prestige, economic status, or even language.
What does oligarch mean?
The concept, which has passed from French to Turkish, is formed from the Greek words “oligo-” (a few, a few) and “arkhein” (to manage).
The governing group may be one of the country's leading groups, such as political, military, religious or financial groups. Some political scientists state that regardless of the form of government, every state has an oligarchy in its administration.
Who are the oligarchs?
Oligarch is the name given to the rulers in the oligarchic order. Today, when oligarchs are mentioned, the names that are the owners of big companies in Russia are meant. A significant portion of the oligarchs made their fortunes in the 1990s, when state assets were transferred to the private sector in a chaotic and corrupt process under then-president Boris Yeltsin.
Roman Abramovich, owner of Chelsea Football Club, is one of the most recognizable Russian oligarchs in the world. Another well-known oligarch is former KGB officer and banker Aleksander Lebedev.