Russian oligarch

The term Russian oligarch (see related term "New Russians") is used to describe wealthy businessmen of the former Soviet republics that rapidly accumulated their wealth during the era of Russian privatization in the aftermath of the dissolution of the Soviet Union in the 1990s. The failing Soviet state left the ownership of state assets contested, which allowed for informal deals with former USSR officials (mostly Russia and Ukraine) as a means to acquire state property. Harvard medieval historian Edward L. Keenan has drawn a comparison between the current Russian system of oligarchs and the system of powerful Boyars that emerged in late-Medieval Muscovy.

The Russian oligarchs are business entrepreneurs who emerged under Mikhail Gorbachev (General Secretary 1985-1991) during his period of market liberalization.

By the end of the Soviet era in 1991 and during Mikhail Gorbachev's perestroika, many Russian businessmen imported or smuggled goods such as personal computers and jeans into the country and sold them, often on the black market, for a hefty profit.