The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Who's who in the power struggle?

The Siloviki Who are they? Putin's old friends from the intelligence services, now in the FSB, defence ministry and presidential security service. They oppose neo-liberal policies, and want a strong, protectionist, authoritarian state. The liberals label them anti-capitalist, anti-democratic ex-KGB stooges. The Siloviki see themselves as patriots.

Who's in the clan? Viktor Ivanov and Igor Sechin, deputy heads of the presidential administration; FSB head Nikolai Patrushev; Yury Zaostrovtsev, deputy head of the FSB in charge of "economic safety"; Vladimir Chernov, chairman of the State Investment Company; Mikhail Prusak, governor of Novgorod Oblast region.

Who are their business allies? Alexei Miller, CEO of Gazprom; Sergey Pugachev, former CEO of Mezhprombank; Sergey Bogdanchikov, CEO of Rosneft state oil company; Nikolai Tokarev, general director of the Zarubezhneft oil company and former vice-president of pipeline monopoly Transneft.

The Liberals Who are they? Reformers in the Kremlin and oligarchs outside it. They advocate liberalization, through privatization, WTO accession, and a smaller state. They support more business transparency, further integration with the global economy, and foreign investment. The Siloviki consider them robber barons. They see themselves as liberal reformers, saving Russia from its Soviet past.

Who's in the clan? Prime minister Mikhail Kasyanov, trade & economy minister German Gref, finance minister Alexei Kudrin, presidential economic adviser Andrei Illarionov.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree