The global financial crisis is wiping out the wealth and political influence of Russia's once-mighty oligarchs. Yesterday's kingmakers are now having to beg the Kremlin for loans. Editor's Note: This feature is part of a SPIEGEL series that will continue all week on how the economic downturn is affecting people and companies around the world. No other downturn in history has hit as many of the world's economies. The current crisis is hitting migrant laborers in China, automobile workers in Detroit and even strong traditional German firms like the chemical giant BASF. Judging by the furnishings, you would never guess that this office is where plans were made to launch Russia's economy into the modern age. The room is dominated by heavy furniture made of dark wood. Antique books are displayed in glass bookcases. Working from this office, Vladimir Yevtushenkov, intends to reduce his huge country's dependence on raw materials exports. To achieve this objective, his subsidiary Sitronics has built a cutting-edge semiconductor production plant on the outskirts of Moscow.
The global financial crisis is wiping out the wealth and political influence of Russia's once-mighty oligarchs. Yesterday's kingmakers are now having to beg the Kremlin for loans.
Editor's Note: This feature is part of a SPIEGEL series that will continue all week on how the economic downturn is affecting people and companies around the world. No other downturn in history has hit as many of the world's economies. The current crisis is hitting migrant laborers in China, automobile workers in Detroit and even strong traditional German firms like the chemical giant BASF.
Judging by the furnishings, you would never guess that this office is where plans were made to launch Russia's economy into the modern age. The room is dominated by heavy furniture made of dark wood. Antique books are displayed in glass bookcases. Working from this office, Vladimir Yevtushenkov, intends to reduce his huge country's dependence on raw materials exports. To achieve this objective, his subsidiary Sitronics has built a cutting-edge semiconductor production plant on the outskirts of Moscow.
As to political influence, who can tell? In the long run, we're all dead. John Maynard Keynes
