"The reason VCs don't like Yuri is that he is disturbing the cosy world they formerly inhabited by offering more founder friendly terms."
I greatly respect and admire you pg, and god knows you're far more intelligent than I am, but surely you can't be so naive as to think that Milner is doing what he is doing out of some altruism for founders?
He is spending outlandish amounts on startups for the same reason Abramovich spends hundreds of millions on yachts, why the Sultan of Brunei spends millions on cars, and why the Saudi princes spend millions on trips to the Riviera. Because he never worked hard for the money, and so he doesn't care about throwing it around.
When a man works hard, he is loathe to spend it carelessly, because he knows the sacrifice in time and effort it took to acquire the money. In the words of the great Milton Friedman: "Nobody spends somebody else's money as carefully as he spends his own". This applies not only to government officials but to the criminal element as well, from hoodlums to ponzi schemers and everything in between.
People like Milner and others associated with Russian oligarchs spend lavishly because the money they have came with no sacrifice on their part. The sacrifice came from all those miners working in subzero temperatures in the Kazakh steppe for kopeks a day, their bodies broken down prematurely, with the share of wealth that was promised to them stolen away. And instead of those who betrayed them being brought to justice, they instead depart to the West where they are greeted with applause by those who mistake cunningness with intelligence.