As one of the BRIC countries, Russia is expected to play an important role in the global economy this century. One key factor in Russia’s emergence is its wealth of natural resources. Following privatisation in the mid-90s, much of its industry lies in the hands of a group of entrepreneurs known as ‘oligarchs’. These tycoons’ fortunes are tied-up with the prices of global commodities and the political landscape, both of which have proved their volatility in recent times. To help de-mystify Russia’s ‘first capitalists’, Biz/ed has produced a run of entries on the oligarchs, their rise to prominence, their business interests and links to the state.

How did this group come to own such assets? How have their fortunes ebbed and flowed over time? How should western governments and businesses respond to the power of the oligarchs and the Russian state? Should we be finding alternative supplies of the resources we need? What companies do these billionaires own and how do they spend their riches? How are the oligarchs regarded in their own country? What happens when their business interests conflict with each other’s? This series of blog entries provides an introduction and offers some basic understanding of Russia’s oligarchs.