Although Russia and Ukraine reached a ceasefire agreement in Minsk on Thursday, Western sanctions pushed up Russia's financing costs and hit its currency hard. The decline in oil prices has aggravated the seriousness of Russia's problems. Since September last year, the fall in oil prices has further weakened Russia's financial capacity.

However, Putin still has broad support at home, and the rich class is no exception.

Timothy Ash, head of emerging market research at Standard Bank, summed up this phenomenon. "Nationalism plays an important role in the minds of many people."

Marlen Kruzhkov, an American lawyer from Ukraine, recently went to Moscow. His clients include oligarchs and other rich people from Russia and the former Soviet Union.

Kruzhkov said, "I am surprised that despite the harsh economic environment, people still overwhelmingly support Putin's policy in the face of all uncertainties, no matter how much the policy affects their income."

According to the poll results released by the Russian Public Opinion Foundation, Russians' trust in President Putin rose to 85% in February, a record high.