Due to sanctions imposed against Russia's elites following the invasion of Ukraine, the term "Russian oligarch" has been repeated by politicians and news organizations. But what is an oligarch? Why not just say "Russian business owners?"
Merriam-Webster's definition of "oligarchy" mostly boils down to a government or organization controlled by the few "especially for corrupt and selfish purposes."
WATCH ANYTIME FOR FREE
 |
Stream NBC10 Boston news for free, 24/7, wherever you are. |
An oligarch would be a member of those "few" who controls the government or organization.
Now — considering power dynamics about the rich and powerful, and how their influence can affect government action — claims about governments worldwide being oligarchies are widespread. The U.S. is not immune to such claims.
Get updates on what's happening in Boston to your inbox. Sign up for our News Headlines newsletter.
Russia-Ukraine War Coverage:
However, in the case of Russia's elite class, the term can relate to people who used personal connections after the collapse of the Soviet Union to take over previously state-owned industries and profit from Russia's new capitalism, NBC News reports.
Simply put: A Russian oligarch is a very wealthy Russian who either has direct power or perceived power in Russia's state of affairs despite not being elected to positions of power by Russia's electorate.
This is a live update. Click here for complete coverage of the crisis in Ukraine.
