Russian businessmen return their wealth to Russia despite risks - Bloomberg
Kyiv • UNN
Wealthy Russians are trying to return their assets to Russia or friendly countries such as the UAE because of the sanctions, but fear the potential nationalization of their businesses in Russia, leaving them in a state of uncertainty.
Wealthy Russians with businesses and assets in the EU countries are trying to return their wealth to Russia or so-called friendly countries, such as the United Arab Emirates. At the same time, they fear the nationalization of business in Russia and feel in limbo. This was reported by Bloomberg, according to UNN.
Details
Due to the war in Ukraine, the scheme of transferring wealth tried and tested by the Russian wealthy was effectively destroyed. Even Cyprus and Switzerland have imposed a ban on the provision of family trust management services in which Russian citizens are trustees or beneficiaries.
Two Russian billionaires, who wished to remain anonymous, told the agency that they can now do business only in Russia and not think about potential asset confiscation.
Another tycoon who came under sanctions and moved his assets to Russia said that he had not yet figured out how to rebuild his business, but he and his family had begun to build a new life in Russia.
The 26 Russians on the Bloomberg Billionaires Index are worth about $350 billion together. Their average age is 63, which means that how and where they decide to transfer their wealth in the coming decades will affect the economy and business sectors,
Among the concerns of businessmen, the agency notes the instability of Russia's military economy for business and the risks of losing it.
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