What Is an Oligarchy?
3. Ukraine
Ukraine is an Eastern European nation that shares its border with Russia. The nation has recently been in dispute with Russia over their much larger neighbor’s annexation of the Crimea peninsula. When Ukraine became independent in 1991, a group of oligarchs arrived on the scene. In 2008, 85% of Ukraine’s GDP was owned by the 50 wealthiest people.
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These few people had immense power over Ukraine, helping to dictate government policy to their own benefit with little to no resistance. It is suspected that some of these oligarchs are influencing government policy to further their own business interests with Russia at the expense of Ukraine’s trading relationships with Europe.
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