Russian oligarchs withdrew at least 50 billion US dollars from Europe Russian billionaires burdened by International sanctions and pressured by Putin to repatriate their wealth have withdrawn tens of billions of dollars in assets from Europe after Russia's invasion of Ukraine Bloomberg reported this Russian billionaires squeezed by International sanctions and facing pressure from President Vladimir Putin to
repatriate their wealth have pulled assets worth tens of billions from Europe since the invasion of Ukraine the report said recently the shareholders of United Medical Group PSI PLC and MD Medical Group Investments PLC controlled by tycoons Igor shilov and Mark kutzer approved the relocation of the companies from Cyprus to Russia according to Bloomberg this will increase the total value of assets
transferred by the richest Russians since February 2022 to at least 50 billion US dollars the move breaks a long-standing practice of Russian billionaires to keep their Assets in Europe taking advantage of investor-friendly legal systems the ability to receive dividends in foreign currency and low taxes the richest Russians have fewer and fewer places to keep their wealth as many of them are under U.S UK or EU
sanctions now Russia seems less of an evil than a foreign country said Natalia kuznetsova a partner at Business Solutions and Technologies which used to work in Russia under the Delight brand the relocation of assets to Russia and countries the Kremlin considers friendly such as the United Arab Emirates and Kazakhstan began shortly after the invasion of Ukraine among the first transfers were the family Holdings of fertilizer billionaire Andrei guriev and steel magnet Victor rashnikov from Switzerland and Cyprus to Russia later other Russians followed including billionaire Igor altuschkin as reported Russian oligarchs play a significant role in the war in Ukraine with at least 81 people on Forbes 200 richest Russians list openly involved in supplying the Russian army .
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