Russian Oligarchs Part 3: The Party's Over

Editor's Note: Part 1 of this series examines the oligarchs' rise to power, Part 2 discusses their confrontation with Putin, and Part 3 looks at Putin's successful efforts to co-opt or defeat the oligarchs.

The year 2004 marked a turning point for Russian oligarchs, who started tapping external markets for capital to expand their empires. Then-President Vladimir Putin dampened their political ambitions by toppling some and drawing others into the Kremlin orbit. He did nothing to discourage the inflow of foreign credit, which was unprecedented. Then came the global financial crisis of 2008, which helped create the perfect storm for the oligarchs. The game and the players would never be the same.