German authorities impounded the 15,917-ton yacht after confirming that sanctioned Russian billionaire Alisher Usmanov had transferred ownership to his sister, who is also under Western sanctions.
In 2000, Vladimir Putin began targeting oligarchs who did not bend to his authority. The loyalists who remained — and new ones who subsequently got rich — became like ATM machines for the president.
In the 1990s, reformers adopted a radical economic program in Russia. It devastated ordinary Russians and created a new class of oligarchs. And it explains the rise of Putin and the leader he is today
Many of the sanctions the U.S. and EU have imposed on Russia are meant to target some of the country's wealthiest. But what's the difference between a "normal" billionaire and an "oligarch"?
The U.K. announced new economic sanctions against Russia and sanctioned more oligarchs and politicians. Government officials say they've designated more than 1,000 entities since the invasion began.
Riot police arrived after protesters entered the building and unfurled banners on the balcony, including one reading "This property has been liberated." It's linked to billionaire Oleg Deripaska.
The Russian billionaire faces an asset freeze and travel ban, just a week after he announced plans to sell the club. The U.K. government aims to shield players and fans from the sanctions' impact.
France says it seized a yacht belonging to Igor Sechin, an oil executive and close ally of Russian President Vladimir Putin, after the U.S. and European Union sanctioned a slew of Russian oligarchs.
