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October 23, 2021

Russian billionaire elected head of a pro-business party

A Russian billionaire has headed a pro-business party in what appeared to be a revision of a Kremlin ban on oligarchs entering politics, The Hindu reports. Mikhail Prokhorov, rated as Russia’s third richest man by Forbes Magazine with an estimated fortune of $18 billion, on Saturday was elected leader of the Just Cause party. It is for the first time that a 10-year-old pact between then President Vladimir Putin and Russian oligarchs has been breached. Under the deal the Kremlin amnestied the oligarchs’ fortunes amassed through the semi-criminal selloff of state assets in exchange for their promise to stay out of politics.

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