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December 2, 2008 11:57:16 AM CST

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Is Putin Europe's Richest Man?

Posted Dec 21, 07 9:17 AM CST in World 

(Newser) – The Guardian looks at an unprecedented power struggle within the Kremlin as Vladimir Putin's last term as president winds down. The battle, between ex-KGB officers and liberal allies of Putin's successor, Dmitry Medvedev, revolves around control of the enormous assets of Russia's state-owned industries. As the face-off heats up, information is leaking out about Putin's personal stake: a fortune of "at least" $40 billion, which would make him Europe's richest man.

Putin's net worth has been a taboo subject in Russia, but it now appears that he controls more than a third of a major oil producer and has a controlling stake in a mysterious Swiss oil trader. Kremlin insiders say the battle is not ideological but financial, and some suggest that Putin would like to retire but is staying to protect Medvedev from the ex-KGB camp.

Source Guardian (UK)

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Russian President Vladimir Putin, left, speaks with First Deputy Prime Minister Dmitry Medvedev at a meeting of the State Council in the Kremlin in Moscow, Wednesday, Dec. 19, 2007. (AP Photo/Alexander...   (Associated Press)
This image, supplied by Time magazine, shows Russian President Vladimir Putin on the cover after being named Time magazine's 2007 "Person of the Year," on Wednesday, Dec. 19,2007.(AP Photo/Time)   (Associated Press)
Russian President Vladimir Putin gestures speaking during his interview with Time magazine in the Kremlin in Moscow, Wednesday, Dec. 19, 2007.   (Associated Press)
Russian President Vladimir Putin is seen at a meeting in the Kremlin in Moscow, in this Tuesday, Dec. 18, 2007, file photo.   (Associated Press)
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