Russian oligarchs have pulled tens of billions of dollars out of Europe since the start of Russia’s invasion of Ukraine under pressure from international sanctions and President Vladimir Putin’s calls to bring their wealth homeBloomberg reports.
In August, the shareholders of United Medical Group Cyprus (United Medical Group Cy) and MD Medical Group Investments (MD Medical Group Investments), controlled by Igor Shilov and Mark Kurtzer, approved the relocation of companies from Cyprus to Russia.
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According to Bloomberg, this increases the value of assets transferred by wealthy Russians from Europe to other countries after February 2022 to more than $50 billion.
The move breaks a long tradition of Russian billionaires preferring to keep their assets in Europe, taking advantage of attractive investment conditions, low taxes and opportunities to earn dividends in foreign currencies.
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Wealthy Russians have fewer and fewer places around the world to stash their fortunes as most of them come under European, American and British sanctions.
So Russia already looks like the lesser evil to themsays Natalya Kuznetsova, a partner in the company “Business Solutions and Technologie”, which worked in Russia under the Deloitte brand.
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The transfer of assets to countries considered “friendly” by Russia, such as the United Arab Emirates and Kazakhstan, began shortly after the Russian invasion of UkraineBloomberg reports.
Among the first to move their assets from Switzerland and Cyprus respectively to Russia are “fertilizer” billionaire Andrey Guriev and steel magnate Viktor Rashnikov. Many others are taking the same path, such as billionaire Igor Altushkin.
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Russian oligarchs play an important role in the war against Ukraine. At least 81 of the top 200 on the Forbes list of the richest Russians are directly involved in supplying the Russian army.
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Source: BTA/Bloomberg
2023-09-14 18:45:29
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