Financial Times FT.com

Oligarchs tumble from summit as Putin inverts power pyramid

By Neil Buckley and Isabel Gorst

Published: June 1 2005 03:00 | Last updated: June 1 2005 03:00

The jail sentence for Mikhail Khodorkovsky marks an apparent victory for President Vladimir Putin's campaign to office to wrest control of Russia back from the rich "oligarchs" who had used their wealth to gain political power under his predecessor, Boris Yeltsin.

Some still remain, and a new generation of wealthy businessmen has emerged. But they wield far less power than Mr Khodorkovsky - and peers Vladimir Gusinsky and Boris Berezovsky, who have since fled the country - once did.

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