Russian elites have moved tens of billions of dollars out of the country over the past year — Bloomberg

Russian elites have moved tens of billions of dollars out of the country over the past year — Bloomberg

Several of the richest people in Russia, including some close to Vladimir Putin, have transferred billions of dollars abroad over the past year, Bloomberg writes.

High-profile asset seizures have intensified fears among members of the Russian elite that the state could confiscate their funds or that they could lose their fortunes, six of the outlet’s sources said.

Several billionaires recently moved some additional assets out of Russia amid concerns about the banking sector, according to some of the sources and documents reviewed by Bloomberg, including corporate filings and property purchase records.

Over the past year, portfolios belonging to some of Russia’s richest people have shifted, with the trend accelerating in recent months, toward cryptocurrency, gold, overseas real estate, and private investment funds, especially in Gulf countries, the sources said.

By their conservative estimate, the amount of money that has “unofficially” left Russia this year is measured in the tens of billions of dollars. That is more than a year earlier.

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