- published: 24 Mar 2013
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Business oligarch is a near-synonym of the term "business magnate", borrowed by the English speaking and western media from post-Soviet parlance to describe the huge, fast-acquired wealth of some businessmen of the former Soviet republics (mostly Russia and Ukraine) during the privatization in Russia and other post-Soviet states in 1990s. The history of the business oligarchs in post Soviet Union states is discussed in the following articles relating to specific regions of the former Soviet Union:
A typical example of a post-Soviet oligarch entity is the Privat Group - a large Ukraine-based transnational business conglomerate comprising dozens of industrial companies in several markets, controlled by only three stakeholders, and not through the stock exchange.
Vladimir Vladimirovich Putin (Russian: Влади́мир Влади́мирович Пу́тин; IPA: [vɫɐˈdʲimʲɪr vɫɐˈdʲimʲɪrəvʲɪtɕ ˈputʲɪn] ( listen); born 7 October 1952) is a Russian politician who has been the President of Russia since 7 May 2012. Putin previously served as President from 2000 to 2008 and as Prime Minister of Russia from 1999 to 2000, and again from 2008 to 2012. Putin also serves as chairman of United Russia and Chairman of the Council of Ministers of the Union of Russia and Belarus. He became acting President on 31 December 1999, when president Boris Yeltsin resigned in a surprising move. Putin won the 2000 presidential election; in 2004 he was re-elected for a second term lasting until 7 May 2008.
Because of constitutionally mandated term limits, Putin was ineligible to run for a third consecutive presidential term. After his successor Dmitry Medvedev won the 2008 presidential election, Putin was nominated by Medvedev to be Russia's Prime Minister; Putin took office on 8 May 2008 and a period of so-called "tandemocracy" followed. In September 2011, Putin and Medvedev agreed he should seek a third, non-consecutive term in the 2012 presidential election, which he won in the first round on 4 March 2012.
Business oligarch is a near-synonym of the term "business magnate", borrowed by the English speaking and western media from Russian parlance to describe the huge, fast-acquired wealth of some businessmen of the former Soviet republics (mostly Russia and Ukraine) during privatization in Russia and other post-Soviet states in 1990s. Businessmen with great wealth from these countries, were commonly labelled (simply) "oligarchs" in Russian regardless of whether they had real political power, as the term "oligarch" would imply.
The Russian oligarchs are business entrepreneurs who started under Mikhail Gorbachev during his period of market liberalization.
By the end of the Soviet era and during Mikhail Gorbachev's perestroika, many Russian businessmen imported or smuggled goods such as personal computers and jeans into the country and sold them, often on the black market, for a hefty profit.
During the 1990s, once Boris Yeltsin took office, the oligarchs emerged as well-connected entrepreneurs who started from nearly nothing and got rich through participation in the market via connections to the corrupt, but democratically elected, government of Russia during the state's transition to a market-based economy.