Weekend Special: Who is a Russian oligarch? Here's what you need to know

In the wake of Ukraine’s invasion, numerous Western nations are imposing sanctions on Russian oligarchs. But who is an oligarch?

An oligarch is an extremely wealthy business leader, who is also politically connected. In 1990s, they became more prominent in Russia.

Many of these oligarchs are heavily involved in Russian President Vladimir Putin's regime and serve important political positions.

The word ‘oligarchy’ has Greek origins. It is a combination of the word ‘olígos’, meaning ‘few’, and ‘arkho’, meaning ‘to rule or to command’.

Historically, an oligarchy is a form of governance. In it, rich and powerful people rule. With time, it has become a group of influential businesspeople, who are close to the ruling establishment in the country.

Oligarchies can also be categorised by one or several shared characteristics, such as fame, wealth, nobility, education, corporate, political, religious, military control, etc.

After the collapse of the erstwhile Soviet Union in 1991, the oligarchs gained riches and power by utilising connection to the ruling establishments in Russia. They have profited from the privatisation and economic reforms in the country.

(With inputs from agencies)