Wealthy Russians are increasingly returning assets to their homeland as seizures loom, according to a major agency report. The discussion centers on two Russian billionaires who face sanctions and whose names have surfaced in global coverage.
Some tycoons seek to keep their wealth in Western jurisdictions, yet options are shrinking as proven plans falter. Cyprus and Switzerland have halted family foundation management for founders or beneficiaries who are Russian citizens, complicating cross border arrangements.
Other businessmen explore moving assets to friendly states such as the United Arab Emirates or reinvesting back in Russia. The prevailing pattern, as reported, shows most sanctioned billionaires choosing to bring assets home rather than migrate them abroad.
Two anonymous Russian billionaires told reporters they must conduct business primarily within Russia. Another source indicated a family is considering a fresh start in Russia but has not decided how to handle an inheritance.
Flexibility under constraints
Alexey Stankevich, a consultant who advises wealthy Russians, notes that actions adapt to the current conditions of the day. He says people act based on available opportunities and limitations, and the level of unpredictability has risen sharply.
In a Bloomberg interview, lawyer Daria Nevskaya emphasized that each situation must be assessed on its own merits. She explained that the outcome depends on future living plans and where primary assets reside. Nevskaya also shared that sanctions can accelerate asset transfers in some cases.
Seizure of Russian assets
On 8 May, EU ambassadors outlined procedures for withdrawing proceeds from reinvested Russian assets aimed at funding military support for Ukraine. The European Commission intends to raise between 2 and 3 billion euros this year, with about 90 percent earmarked to procure weapons for Kiev and support Ukraine in its restoration and defense amid Russian aggression, according to the Council representation of the Belgian presidency.
Bloomberg’s billionaire list counts 26 Russian entrepreneurs with total wealth around 350 billion dollars and a median age near 63. The publication notes that asset transfer methods over the coming years will significantly influence Russia’s economy and multiple sectors. It is suggested that portions of wealth remain hidden in cash in undisclosed locations. Since the conflict in Ukraine began, it is reported that the wealthiest Russians moved at least 50 billion dollars from Europe to Russia and other allied destinations.