Moscow (CNN) The Kremlin introduced a new word into the English language Monday: "Putinophobia."

It was in reaction to allegations from the International Consortium of Investigative Journalists and its media partners, who say they obtained a collection of documents revealing -- among other claims -- a clandestine network that connects associates of Russian President Vladimir Putin to hidden wealth in secret offshore companies.

Simply put, the Russian government has denounced the ICIJ revelations, known as the Panama Papers , as a giant smear campaign to discredit Russia's autocratic leader -- an attempt to undermine him ahead of parliamentary elections later this year.

But for Kremlin-watchers looking for a similar dethronement, don't hold your breath. The Russian public has become somewhat immune to allegations of corruption concerning its leader and his inner circle.

Numbers? It's a guessing game

For years, Putin's critics have played a guessing game about the size of the Russian leader's private fortune.

Stanislav Belkovsky, an outspoken Russian political analyst, came up with a figure of $40 billion in 2007 after claiming Putin controlled significant interests in Russia's oil and gas industries.

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It could be as much as $200 billion, Bill Browder -- the CEO of Hermitage Capital Management, formerly Russia's largest foreign investor, and a former Putin supporter -- told CNN's Fareed Zakaria last year

In fact, there was never much to support such estimates.

As the latest revelation contained in the Panama Papers data leak suggests, hard evidence when it comes to Putin is hard to come by.

Not a single document, his aides reiterate, has Putin's name on it. In fact, the powerful Russian president appears to have very few assets signed in his name.

What about Putin's inner circle?

No, it's the members of Putin's tight-knit inner circle, his friends, former KGB colleagues, and loyal businessmen who the ICIJ report alleges own the luxury property, front the shell companies and bank the money.

Friends like Sergei Roldugin, a concert cellist from St. Petersburg who, as a young man, introduced Putin to his former wife, Lydmilla, and became godfather to their first daughter, Maria.

For decades, he's been Putin's best pal and, according to the Panama leaks, now appears to front a series of offshore shell companies that have seen hundreds of millions of dollars of Russian loans and lucrative contracts pass through their books.

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"Payments are disguised in various ways," the ICIJ reported. "On paper, shares in companies are swapped back and forth in a day. Documents are backdated. Questionable financial penalties are assessed. The rights to multimillion-dollar loans are sold between offshore companies for $1."

Roldugin has not responded to CNN's requests for an interview about the financial dealings and told reporters with the ICIJ that he needed more time to figure out what he wanted to say. But he did play down his wealth in comments to The New York Times. "I've got an apartment, a car, a dacha," he told the newspaper . "I don't have millions."

According to leaked documents, some of the cash was loaned to companies controlled by others close to the Russian leader, raising further concerns about money laundering.

Photos: Cult of Putin While his nation waded deeper into the Syrian civil war, Russian President Vladimir Putin, right, spent his 63rd birthday on the ice Wednesday, October 7, playing hockey with NHL stars and various Russian officials and tycoons in Sochi. For years, Russia's leader has cultivated a populist image in the Russian media. Hide Caption 1 of 21 Photos: Cult of Putin Putin holds a cat as he inspects housing built for victims of wildfires in the village of Krasnopolye, in a region in southeastern Siberia, Russia, on Friday, September 4. Hide Caption 2 of 21 Photos: Cult of Putin Putin, left, and Prime Minister Dmitry Medvedev jokingly toast at a lunch during a meeting at the Black Sea resort in Sochi, Russia, on Sunday, August 30. Hide Caption 3 of 21 Photos: Cult of Putin Putin exercises during his meeting with Medvedev on August 30. Hide Caption 4 of 21 Photos: Cult of Putin Putin sits in a bathyscaphe as it plunges into the Black Sea along the coast of Sevastopol, Crimea, on Tuesday, August 18. Putin went underwater to see the wreckage of an ancient merchant ship that was found in the end of May. Hide Caption 5 of 21 Photos: Cult of Putin Putin holds a Persian leopard cub in February 2014 at a breeding and rehabilitation center in the Black Sea resort of Sochi. Perhaps the most important vote in Russia's public selection of a new Olympic mascot was cast when Putin said he wanted a funky leopard to represent the 2014 Sochi Winter Games. Hide Caption 6 of 21 Photos: Cult of Putin Putin holds a pike he caught in the Siberian Tuva region of Russia on July 20, 2013. Hide Caption 7 of 21 Photos: Cult of Putin Putin enjoys some fishing during his vacation to the Tuva region on July 20, 2013. Hide Caption 8 of 21 Photos: Cult of Putin Putin submerges on board Sea Explorer 5 bathyscaphe near the isle of Gogland in the Gulf of Finland on July 15, 2013. Hide Caption 9 of 21 Photos: Cult of Putin Putin studies a crane during an experiment called Flight of Hope on September 5, 2012, in which he piloted a hang glider, aiming to lead the birds into flight. It's part of a project to save the rare species of crane. Hide Caption 10 of 21 Photos: Cult of Putin Putin takes part in a training session for young ice hockey players before the "Golden Puck" youth tournament final in Moscow on April 15, 2011. Hide Caption 11 of 21 Photos: Cult of Putin Putin rides a Harley-Davidson to an international biker convention in southern Ukraine on July 14, 2010. Hide Caption 12 of 21 Photos: Cult of Putin The Russian president aims at a whale with an arbalest (crossbow) to take a piece of its skin for analysis at Olga Bay on August 25, 2010. Hide Caption 13 of 21 Photos: Cult of Putin A wetsuit-clad Putin embarks on a dive to an underwater archaeological site at Phanagoria on the Taman Peninsula on August 10, 2011. Hide Caption 14 of 21 Photos: Cult of Putin Famed for his love of martial arts, Putin throws a competitor in a judo session at an athletics school in St. Petersburg on December 18, 2009. Hide Caption 15 of 21 Photos: Cult of Putin Putin during his vacation in southern Siberia on August 3, 2009. Hide Caption 16 of 21 Photos: Cult of Putin Putin swims the butterfly during his vacation outside the town of Kyzyl in southern Siberia on August 3, 2009. Hide Caption 17 of 21 Photos: Cult of Putin Assisted by a Russian scientist, Putin fixes a satellite transmitter to a tiger during his visit to the Ussuriysky forest reserve of the Russian Academy of Sciences in the Far East on August 31, 2008. Hide Caption 18 of 21 Photos: Cult of Putin Putin carries a hunting rifle in the Republic of Tuva on September 3, 2007. Hide Caption 19 of 21 Photos: Cult of Putin A shirtless Putin fishing in the headwaters of the Yenisei River in the Republic of Tuva on August 13, 2007. Hide Caption 20 of 21 Photos: Cult of Putin Putin in the cockpit of a Tupolev Tu-160 strategic bomber jet at a military airport on August 16, 2005, before his supersonic flight. Hide Caption 21 of 21

But Putin's name is not on any of the documents. He is the legal owner, it seems, of nothing untoward.

Critics argue that the absence of a legal smoking gun implicating Putin shows how corruption really works in Russia.

When Putin wants to reward his friends , say critics, he does so with favorable bank loans or lucrative government contracts of the kind exposed in the Panama Papers.

When he wants something in return, so the theory goes, they had better deliver or risk the President's goodwill running out. In other words, power is what Putin has accumulated in his years of running Russia. Not cash. He has no use for it.

Why it's crunch time

But the leaks do come at a particularly sensitive time.

Russia is bogged down in its worst recession since Putin came to power in 1999, and the Kremlin has been waging a public campaign against waste, corruption and money laundering.

The Panama revelations are embarrassing at the very least.

In what might be a bid to head off any wider public criticism, the Russian prosecutor's office has announced it will investigate the individuals "listed" in the Panama leaks to check whether their actions "were legal and corresponded to Russian and international law."

There's no suggestion, though, that Putin himself, or the vast private fortune he may or may not control, will come under the legal spotlight.