Billionaires in Russia went frantic after President Vladimir Putin began his proxy war against Ukraine. They're now positively fearful.

They believe Russia's "undeclared war" against Ukraine waged by pro-Russian militia supplied by Russia with weapons and military training is crippling Russia's economy. The billionaires are just too scared to oppose Putin openly.

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After last week destruction of Malaysian Airlines Flight MH17 by pro-Russian rebels using a Russian made and supplied missile, international pressure is being placed on Putin to sever ties with separatists or face international isolation. Analysts noted that Russia could risk isolation like Belarus' Aleksandr Lukashenko, who was considered an outcast for being a dictator.

Another Russian billionaire, who asked to remain anonymous, said the two events, the MH17 attack and the Ukraine war, occuring at once is not good for the country's businesses.

On the other hand, Igor Bunin, head of the Center for Political Technology in Moscow, told Bloomberg that "the economic and business elite is just in horror." He said no one wants to talk because they fear the Russian administration.

"Any sign of rebellion and they'll be brought to their knees," Bunin said.

The European Union plans to meet with foreign ministries Tuesday to discuss more sanctions to be applied against Russia.

The U.S. already taken action by penalizing Russian government-affiliated companies and other people in Putin's circle such as Arkady Rotenberg and Gennady Timchenko.

The U.S. government also sanctioned OAO Novatek, a gas production company owned by Timchenko, a day before the alleged MH17 attack. After the sanction, Novatek's shares in London dropped by eight percent in just two days. At present, it is valued about US$3 billion.

"Russia risks becoming a pariah state if it does not behave properly," said UK Foreign Secretary Philip Hammond.

"We now need to use the sense of outrage that is clear to get a further round of sanctions-tightening against Russia."

Alexander Lebedev, former Soviet intelligence officer and billionaire, said Russia cannot restore its relationship with U.S.

"The clock has moved back to the 1980s. But in the 1980s, the two sides contained each other. Now we have a war, so it's worse," Lebedev said.

TagsRussia, russian businessmen, isolation, russian economy, vladimr putin