Russia’s Tycoons Fear Tightening Kremlin Squeeze as Putin’s War Drags On

The budget deficit is already growing as spending on the war rises and sanctions and other limits squeeze revenues. But tycoons and executives worry they will have little alternative but to comply with any requests for manpower, production or cash. Among the most vulnerable are those perceived to be insufficiently loyal, according to people familiar with the tycoons’ thinking. That’s alarmed some others in the sector who’ve stayed out of Russia since the war started, according to people familiar with their thinking. Mazepin, who heads the fertilizer committee at Russia’s biggest business group, said he didn’t see consolidation in the industry as likely now.