Russian businessmen move assets from EU to Russia despite risks – Bloomberg

Wealthy Russians with businesses and assets in the EU are trying to move their wealth back to Russia or so-called friendly countries such as the United Arab Emirates. Most of the billionaires who have been sanctioned have decided to move their assets home.

Source: Bloomberg

Details: Two Russian billionaires, who wished to remain anonymous, told Bloomberg that Russia is now the only country where they can do business without fear of potential asset confiscation.

Another tycoon who had been sanctioned and moved his assets home said he had not yet figured out how to rebuild his business, but that he and his family had begun to build a new life in Russia.

Quote from the article: "The 26 Russians on the Bloomberg Billionaires Index have about $350 billion combined. Their average age is 63, meaning how and where they choose to pass down their fortunes in the coming decades will reverberate in the economy and across business sectors."

Among the businessmen’s other concerns are the instability of Russia's military economy for business and the risks of losing their businesses, Bloomberg notes.

Background: On 8 May, the permanent representatives of the EU member states approved the transfer of proceeds from taxed windfall revenues from frozen Russian assets to Ukraine – the final step in implementing this mechanism.

Support UP or become our patron!