The Russian government has long held that Donald Trump is to their benefit, as it went so far as to interfere on his behalf in the 2016 election, and then enjoyed years of relative friendliness as Vladimir Putin and Trump were together on the world stage. But that doesn't mean Russia's rich and powerful are skipping with joy about his re-election this time around.
According to Bloomberg News, the Russian billionaires colloquially known as "oligarchs" do not expect Trump to lift the sanctions imposed by the West on the Russian economy, and don't believe his promises of peace.
"While they don’t expect a collapse that would force Putin to end his invasion of Ukraine, half a dozen tycoons interviewed by Bloomberg News said Russia’s economy has changed significantly since the fighting started and that makes long-term targets look unreachable," said the report.
Furthermore, with respect to Ukraine, "most doubted the war will end soon, even as Trump has pledged to bring it to a rapid conclusion."
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Russia's invasion of Ukraine, which Putin initially described as a "special operation" that would be in and out quickly, has evolved into an open-ended quagmire with both sides entrenched in a bloody, protracted conflict. Ukraine has held firm, refusing to negotiate against its own land and sovereignty on the world stage. However, sanctions against Russia, though they have caused severe economic damage, have so far not stopped its war machine.
This comes despite the fact that international companies with interests in Russia jumped in share price at the result of the U.S. election.
Behind the scenes, the sanctions appear to have done more damage than Putin is willing to let on, said the report: "Russia’s economy faces troubling structural changes, according to some of the tycoons. The exit of international companies degraded manufacturing capacity, particularly in the technology and machinery sectors. The defense industry’s demands increasingly shape the war economy, import substitution is proceeding slowly and the army’s need for more new troops is intensifying labor shortages, they said" — and they don't expect Trump's victory alters this situation much.
Trump and running mate J.D. Vance have signaled a disinterest in continuing support for the Ukraine war; however, many of Trump's initial executive branch picks appear to be conventional neoconservatives who have backed the fight against Russia, like Rep. Mike Rogers (R-AL).