Russian billionaires urgently moving money out of country - Bloomberg
Photo: Russian President Vladimir Putin (Getty Images)
Following a series of high-profile asset seizures, Russian billionaires have stepped up efforts to move their capital abroad, fearing they could lose their assets at home, according to Bloomberg.
The agency reports that wealthy individuals are reallocating capital into cryptocurrencies, gold, overseas real estate, and private investment funds, particularly in Gulf countries.
Some business owners are also moving funds to Cyprus, the UAE, Türkiye, and Saudi Arabia, while others are investing in projects across Africa.
Why the elite are moving assets abroad
One of the main concerns is that Russian authorities could seize property or increase pressure on major business owners. After the start of the full-scale war, many entrepreneurs repatriated assets to Russia because of Western sanctions, but they now face growing risks at home.
Since 2024, Russian authorities have intensified a campaign to seize assets from prominent businessmen. Those targeted have included entrepreneurs with ties to foreign countries, dual citizenship, or previous government positions.
According to Bloomberg's sources, tens of billions of dollars may have unofficially left Russia since the beginning of 2026 alone. A significant share of these transfers is believed to be conducted through cryptocurrencies and other instruments that do not appear in official statistics.
Asset seizures deepen concerns
Business leaders were further alarmed by a closed-door meeting between Vladimir Putin and major entrepreneurs in March.
According to Bloomberg, billionaire Suleiman Kerimov used the meeting to propose that large businesses make a substantial financial contribution to the state, an initiative that Putin reportedly endorsed.
At the same time, Russia's Prosecutor General's Office said it had secured the transfer of assets worth more than 4 trillion rubles to the state over the past year alone.
Among those who lost assets were Vadim Moshkovich, founder of the Rusagro agricultural holding, Dmitry Kamenshchik, the former owner of Domodedovo Airport, and Konstantin Strukov, who controlled one of Russia's largest gold mining companies.
Dubai and cryptocurrencies become safe havens
According to the agency, the United Arab Emirates remains one of the main destinations for capital leaving Russia.
Demand from Russians for luxury real estate in Dubai is rising, while the city's status as a global cryptocurrency hub makes it easier to move funds across different jurisdictions.
Financial routes through Armenia, Kazakhstan, and Kyrgyzstan are also being used to transfer money.
Although the number of billionaires in Russia has continued to grow since the start of the full-scale war against Ukraine, their influence over political decision-making has declined significantly. Analysts say the Kremlin has tightened its control over big business, with Vladimir Putin effectively stripping oligarchs of their independence and forcing them to align with state policy and support wartime spending.
