Russian President Vladimir Putin is cracking down on wealthy businessmen as the country faces deep financial strain from its ongoing war in Ukraine. One of the latest targets is billionaire Konstantin Strukov, owner of the gold mining giant Yuzhuralzoloto, who is worth over $3.5 billion.
On July 5, Strukov's private jet was stopped at a Russian airport as it prepared to depart for Turkey. Authorities seized his passport and grounded the flight following a court order enforced by Russia's Federal Security Service (FSB). According to a Kyiv Insider report, Strukov is under investigation over how he accumulated his fortune.
Russian prosecutors accuse Strukov of illegally enriching himself through the use of shell companies and the names of family members. His company has denied these claims, stating he was in Moscow on the day in question and calling the news "disinformation." However, court records reportedly confirm that a travel ban was placed on him and his family earlier.
This move is part of a larger trend in Putin's Russia—shifting focus from political dissenters to wealthy elites in key industries such as gold, oil, and defense. These sectors are now considered essential to sustaining the war economy.
Not even loyalty to Putin seems to provide protection anymore. Strukov, who has previously held political roles in support of the Kremlin, is now facing legal heat. Until recently, the government mostly targeted those who opposed the war or fled the country. Now, financial power alone is enough to draw attention.
As Western sanctions squeeze Russia's economy and oil revenue drops, the Kremlin appears to be tapping into billionaire assets to bridge budget gaps. In recent months, several wealthy Russians have faced investigations, asset seizures, or have died under unclear circumstances.
A court hearing on July 8 is expected to decide the fate of Strukov's business empire. But for Russia's ultra-rich, the signal is already clear: wealth and connections are no longer a guarantee of safety in wartime Russia.
