Russia's wealthiest individuals are increasingly worried the Kremlin's accelerated campaign of asset confiscations will strip them of holdings deemed strategic or illegally obtained, according to a Bloomberg analysis published this week.

The campaign has transferred billions of dollars in assets to state control since the February 2022 invasion of Ukraine. Even oligarchs previously aligned with the Kremlin fear loyalty no longer shields them from nationalisation or anti-corruption probes, the analysis found.

Businessman Vadim Moshkovich lost control of stakes in Rusagro, one of Russia's largest agricultural holdings, after Russian courts ruled his activities incompatible with domestic law. Prosecutors said Moshkovich combined political and commercial roles in violation of legal prohibitions.

Konstantin Strukov, a member of the ruling United Russia party and recipient of state honours from President Vladimir Putin, lost control of a mining and agriculture empire following corruption allegations. The cases signal that proximity to the Kremlin offers no immunity.

The Russian state now controls assets worth approximately 4 trillion rubles, according to estimates cited in international press reports. Sectors most affected include energy, infrastructure, chemicals, transport and agriculture. Authorities justify the seizures by citing anti-corruption efforts, national security concerns and irregularities from the 1990s privatisation era.

Many billionaires believe their assets are state targets, the Bloomberg analysis said. The wave of actions has caused panic among the elite, with business leaders seeking legal guarantees for ownership rights.

The Russian Parliament adopted legislation in recent weeks introducing a 10-year limit for challenging privatisations. The statute does not apply to corruption cases involving officials, leaving a broad exemption that preserves the state's ability to pursue seizures.

President Putin met oligarchs in closed session on March 26 following the Russian Union of Industrialists and Entrepreneurs congress. Putin reiterated his commitment to continuing the war in Ukraine and proposed voluntary budget contributions from the business community, according to press reports.

Suleiman Kerimov reportedly promised a contribution of 100 billion rubles. The meeting was attended by prominent figures including Vladimir Lisin and Andrei Melnichenko, both of whom control industrial empires worth billions of dollars.

The confiscations mark a shift in the Kremlin's approach to the business elite. During the first two decades of Putin's rule, loyalty to the president typically ensured protection from state interference. Oligarchs who challenged the Kremlin faced prosecution or exile, but those who remained compliant retained their holdings.

That calculus has changed. The war in Ukraine has increased the state's appetite for resources and tightened control over strategic sectors. Anti-corruption rhetoric, long used selectively against political opponents, now extends to figures once considered untouchable.

The 1990s privatisation process, which transferred state assets to private hands at heavily discounted prices, provides legal cover for many seizures. Authorities argue that irregularities during that period justify revisiting ownership structures decades later.

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Businessmen have responded by attempting to negotiate protections. Some have offered financial contributions to the state budget or pledged investments in sectors deemed priorities by the Kremlin. Others have sought to transfer assets to family members or offshore structures, though such moves carry their own risks given Western sanctions and increased scrutiny of Russian capital flows.

The March 26 meeting underscored the pressures facing Russia's business elite. Putin's call for voluntary contributions was widely interpreted as a demand rather than a request. Oligarchs understand that refusal to comply could invite closer examination of their holdings.

The 10-year statute of limitations on privatisation challenges offers limited reassurance. Legal experts note the corruption exemption allows prosecutors to circumvent the time limit by framing cases as criminal investigations rather than civil disputes over ownership.

Rusagro, the agricultural holding lost by Moshkovich, represents one of the highest-profile seizures to date. The company controls significant grain and sugar production capacity, assets the Kremlin considers strategic amid wartime food security concerns.

Strukov's case illustrates the vulnerability of even well-connected figures. His membership in United Russia and previous recognition by Putin did not prevent authorities from moving against his empire once corruption allegations surfaced.

The Bloomberg analysis did not specify the total number of oligarchs affected by the confiscation campaign. It noted that the climate of fear extends beyond those who have already lost assets, with many billionaires taking pre-emptive steps to protect their holdings.

International observers have drawn parallels to earlier episodes of state consolidation under Putin, including the 2003 prosecution of Mikhail Khodorkovsky and the dismantling of his Yukos oil empire. The current wave differs in scale and scope, targeting a broader range of sectors and individuals.

Western sanctions imposed after the Ukraine invasion have complicated the picture. Some oligarchs face asset freezes and travel bans in Europe and North America, limiting their ability to move wealth abroad. That leaves them more dependent on maintaining favour with the Kremlin, even as the risk of domestic confiscation rises.

The Russian Union of Industrialists and Entrepreneurs, which hosted the March congress preceding Putin's closed-door meeting, has not publicly commented on the confiscation campaign. The organisation represents major business interests and typically maintains a cautious stance on politically sensitive issues.

Kerimov's reported pledge of 100 billion rubles, if confirmed, would represent one of the largest voluntary contributions by a single oligarch. Kerimov controls assets in gold mining, banking and other sectors through investment vehicles.

Lisin, chairman of Novolipetsk Steel, ranks among Russia's wealthiest individuals with a fortune built on metals and transport. Melnichenko controls fertiliser and coal assets through EuroChem and SUEK. Both attended the March 26 meeting, signalling the Kremlin's focus on extracting resources from the most prominent business figures.

The campaign shows no sign of abating. Prosecutors continue to open new cases, and courts have demonstrated willingness to rule in favour of the state in ownership disputes. Business leaders face a choice between compliance with Kremlin demands and the risk of losing their empires entirely.