Billions are fleeing Russia: oligarchs close to Putin are moving their assets abroad en masse
16 July 14:37
Russian billionaires, including businessmen close to Russian President Vladimir Putin, have begun moving their wealth out of Russia en masse. This was reported by "Komersant Ukrainian", citing Bloomberg.
Many wealthy Russians continue to seek investment opportunities outside the country, despite the difficulties caused by the war and sanctions. Capital flight is also a recurring theme in Russia as the war continues—the central bank stated that, according to one aggregate indicator, approximately $250 billion left the country during the first year of the conflict.
Russian oligarchs are moving billions out of Russia
According to Bloomberg, over the past year, several of Russia’s wealthiest individuals have transferred billions of dollars in assets abroad. Among them are business leaders who have long been considered close to the Kremlin.
The agency’s sources note that the Russian business elite is increasingly fearful of:
- state confiscation of assets;
- a worsening economic situation;
- problems in the banking sector;
- a further increase in Russia’s military spending.
That is why wealthy Russians are actively diversifying their capital and moving it to safer jurisdictions.
Where Are Russia’s Wealthy Investing Their Money?
Bloomberg notes that in recent months, the investment portfolio of Russia’s wealthiest citizens has changed significantly.
The areas currently attracting the most interest are:
- cryptocurrencies;
- gold;
- real estate abroad;
- private investment funds;
- assets in the Persian Gulf countries.
The following remain particularly popular:
- the United Arab Emirates;
- Turkey;
- Saudi Arabia;
- Cyprus;
- certain African countries.
According to several sources, the Dubai real estate market is seeing an increase in the number of luxury property purchases by Russians, and they are also increasingly investing in real estate in Turkey and Monaco.
Why Russian Businessmen No Longer Trust the Kremlin
According to Bloomberg, the situation has sharply deteriorated following a wave of high-profile nationalizations and asset seizures from major business owners.
Among the businessmen who lost assets to the state are Vadim Moshkovich, founder of “Rusagro,” one of Russia’s largest agricultural holdings; Konstantin Strukov, owner of one of the country’s largest gold mining companies, and Dmitry Kamenshchik, who lost the Moscow Domodedovo Airport.
The Russian Prosecutor General’s Office reported that last year alone, the state reclaimed assets valued at more than 4 trillion rubles.
Capital is leaving Russia in the tens of billions of dollars
It is difficult to assess the exact scale of the outflow due to the use of cryptocurrencies and unofficial financial schemes.
However, sources speaking to Bloomberg estimate that unofficial capital outflows from Russia have reached tens of billions of dollars since the beginning of 2026 alone, exceeding last year’s figures.
Watch us on YouTube: important topics – without censorship
It’s becoming increasingly difficult for Putin to finance the war
Bloomberg also notes that the Kremlin is seeking additional sources of revenue to fill the budget.
Russian President Vladimir Putin has received a warning from the government’s financial officials that the current level of military spending is becoming too costly for the Russian economy. The government is forced to cut other budget programs to maintain funding for the war against Ukraine.
According to the agency, following a closed-door meeting between Putin and major business leaders in the spring of 2026, some entrepreneurs began moving their assets out of Russia even more actively.
Where Are Russians Moving Their Money Now?
Bloomberg lists the following among the most popular destinations for capital preservation:
- real estate in Dubai;
- luxury housing in Turkey;
- investments in Monaco;
- cryptocurrency transactions via the UAE;
- financial schemes via Armenia, Kazakhstan, and Kyrgyzstan.
Experts explain that Russian businessmen are simultaneously trying to minimize risks from both Western sanctions and possible actions by the Kremlin itself.
At the same time, informal channels through Armenia, Kazakhstan, and Kyrgyzstan—which use the A7A5 stablecoin—are becoming increasingly popular. This token was developed by A7, a company specializing in cross-border payments and owned by fugitive Moldovan banker Ilan Shor and the Russian state-owned Promsvyazbank, which is subject to strict international sanctions.
In September 2025, Mikhail Dorofeev, deputy chairman of Promsvyazbank’s board, reported that $96 billion in transactions had been processed through the A7 platform in the first half of the year.
Read us on Telegram: important topics – without censorship
