Putin offered the oligarchs a deal: bend to my authority, stay out of my way, and you can keep your mansions, superyachts, private jets, and multibillion-dollar corporations (corporations that, just a few years before, had been owned by the Russian government). In the coming years, the oligarchs who reneged on this deal and undermined Putin would be thrown into a Siberian prison or be forced into exile or die in suspicious circumstances. The loyalists who remained — and the new ones who got filthy rich during Putin’s long reign — became like ATM machines for the president and his allies.

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