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Russia’s richest businessmen are moving billions abroad amid fears of asset seizures, Bloomberg reports
Meduza • • world
Key Points:
- Several of Russia’s wealthiest businessmen have moved billions of dollars out of the country over the past year due to concerns about the economy and potential asset seizures.
- Some businessmen close to President Vladimir Putin fear increased state pressure to fund the war in Ukraine, following reports of a closed-door meeting where contributions were discussed.
- Wealthy Russians have shifted their investments toward cryptocurrency, gold, and overseas real estate as a strategy to protect their assets.
- The scale of capital flight is difficult to quantify but is estimated to be in the tens of billions of dollars this year, surpassing last year’s outflow.
- These businessmen face challenges in moving assets abroad due to Western sanctions imposed on Russia over the Ukraine conflict.
