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Russian oligarchs withdrew $50 billion in assets from Europe

After Russia’s full-scale invasion of Ukraine, Russian oligarchs removed at least $50 billion of their assets from Europe, Bloomberg reports.

“Russian billionaires, under international sanctions and pressure from President Vladimir Putin to repatriate their wealth, withdrew tens of billions in assets from Europe after the invasion of Ukraine,” the report said. agency.

Last month, shareholders of United Medical Group Cy PLC and MD Medical Group Investments PLC, controlled by oligarchs Igor Shilov and Mark Kurtser, approved the transfer of their companies from Cyprus to Russia.

According to Bloomberg, the total value of assets withdrawn from Europe by the richest Russian citizens will reach at least $50 billion.

Russian billionaires have long practiced storing their assets in Europe, taking advantage of investor-friendly legal systems, the ability to receive dividends in foreign currencies and low taxes.

However, Russia’s wealthy now have fewer places to store their wealth as many are under sanctions from the United States, United Kingdom or European Union.

The shift of assets to Russia and Kremlin-friendly countries, such as the United Arab Emirates and Kazakhstan, began immediately after Russia’s full-scale invasion of Ukraine last February.

Among the first to be transferred to Russia from Switzerland and Cyprus were the family estates of fertilizer magnate Andrei Guryev and steel magnate Viktor Rashnikov. Later, others followed their example, for example the metallurgical magnate Igor Altushkin.

Russian oligarchs play an important role in Russia’s war against Ukraine. At least 81 of the 200 richest Russian citizens established by Forbes magazine are actively involved in supplying the Russian army.

Source: delfi

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