JRL NEWSWATCH: “Russian Elite Bring Back $50 Billion of Assets as Havens Dwindle” – Bloomberg

• “Pressure from Putin, sanctions are driving the asset transfer
• Wealth is being repatriated to Russia and friendly nations”

“Russian billionaires, squeezed by international sanctions and facing pressure from … Putin to repatriate their wealth, have pulled assets worth tens of billions from Europe since the invasion of Ukraine. Last month … United Medical Group CY Plc and MD Medical Group Investments Plc, controlled by … Igor Shilov and Mark Kurtser, approved the companies’ move from Cyprus to Russia. … help[ing] push the total value of assets … re-domiciled by the wealthiest Russians since February 2022 to at least $50 billion …. The shift is breaking with a decades-old practice by Russian billionaires to hold their assets in Europe ….”

Previously, wealthy Russians sought to benefit from investor-friendly European legal systems, low taxes and dividends paid in foreign currencies. Yet now, with many of them under U.S., European, and British sanctions, foreign financial options are dwindling.

Click here for: “Russian Elite Bring Back $50 Billion of Assets as Havens Dwindle” – Bloomberg

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