According to the news agency, this shift is breaking with a decades-old practice by Russian billionaires to hold their assets in Europe
NEW YORK, September 14. /TASS/. The richest Russians have taken $50 billion worth of assets back to their homeland and friendly countries since February 2022, Bloomberg reported.
According to the agency, last month the shareholders of United Medical Group and MD Medical Group Investments Plc approved the re-registration of companies from Cyprus to Russia.
“That transfer will help push the total value of assets that have been re-domiciled by the wealthiest Russians since February 2022 to at least $50 billion,” Bloomberg wrote.
According to the agency, this shift is breaking with a decades-old practice by Russian billionaires to hold their assets in Europe, taking advantage of investor-friendly legal systems, the chance to get dividends in foreign currencies and low taxes.
Bloomberg recalls that the transfer of assets back to Russia started with the launch of the special operation in Ukraine due to the fact that Russian businessmen increasingly began to fall under sanctions of Western countries.