Russian oligarchs move billions abroad for fear of asset confiscation

Several of Russia's wealthiest individuals, including people close to Vladimir Putin, have moved billions of dollars abroad over the past year, driven by growing concerns about the state of the country's economy and the state budget.

Source: Bloomberg

Details: According to six wealthy Russians and several others familiar with the views of Russian billionaires, high-profile cases of asset confiscation have heightened fears among Russia's elite that the state may seize their wealth or that they may otherwise lose it.

Some of these individuals and documents reviewed by Bloomberg – including corporate reports and property purchase records – say that several billionaires have recently moved additional assets out of Russia amid concerns about the banking sector.

Over the past year, the investment portfolios of some of Russia's wealthiest individuals have shifted towards cryptocurrency, gold, overseas real estate and private investment funds, particularly in Gulf countries.

Since 2024, Russian authorities have stepped up high-profile asset confiscations targeting a range of magnates, including those who sought to maintain ties with the outside world through dual citizenship or those who previously held official positions.

Russia's economic slowdown since 2025 has further reduced their profits and limited opportunities to preserve and grow their wealth within the country.

By conservative estimates from two individuals familiar with the investment decisions of several Russian billionaires, the sum of funds that have left Russia beyond official figures since the start of this year amounts to tens of billions of dollars.

According to them, this is more than last year.

Background: Russia faces an "explosive" banking crisis as financial institutions bear a significant share of the burden of the country's wartime economy, according to an EU intelligence report.

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