Russia’s richest businessmen are moving billions abroad amid fears of asset seizures, Bloomberg reports

Per Bloomberg, Russia's wealthiest businessmen have moved billions of dollars out of the country over the past year, driven by economic concerns and fears that the Kremlin could seize their assets — a risk demonstrated when former Domodedovo Airport owner Dmitry Kamenshchik's holdings were taken. Some also worry the state will press them to fund the war effort. To move money despite Western sanctions, some have shifted assets into cryptocurrency, gold, and real estate abroad, making the full scale of capital flight difficult to track. Sources estimate the outflow this year at tens of billions of dollars, up from the previous year.

Listen to this story

Hear this and more stories in a personalized audio briefing.

Open The Chonkerton