Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent in Gaza: Four fetuses and three premature babies died at Nasser Medical Complex due to malnutrition
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7
Yemeni Armed Forces spokesperson Brigadier General Yahya Saree: The missile force carried out a major operation using the Palestine 2 ballistic hypersonic missile, hitting several targets in occupied Yafa.
Sirens sound in large areas of occupied Palestine after a missile launch from Yemen was detected

Russian billionaires taking funds out of Europe back home: Bloomberg

  • By Al Mayadeen English
  • Source: Bloomberg
  • 14 Sep 2023 19:35
  • 1 Shares
5 Min Read

Russian billionaires are leaving Europe as it becomes more hostile over time, with Russia becoming more friendly and appealing for investments.

  • x
  • Russian President Vladimir Putin, center, and Russian CEO of Rosneft oil company Igor Sechin, right, visit
    Russian President Vladimir Putin, center, and Russian CEO of Rosneft oil company Igor Sechin, right, visit "Zvezda" Shipbuilding Complex in the Bay of Bolshoy Kamen, in the far eastern region of Primorsky Krai, Russia, September 11, 2023 (Sputnik)

In the wake of international sanctions and calls from President Vladimir Putin to repatriate their wealth, Russian billionaires have been relocating their assets from Europe, resulting in a significant shift of capital.

The billionaires in question moved assets valued at tens of billions of dollars out of Europe since the start of the Ukraine war and the imposition of sanctions on Russia, with recent notable instances including the relocation of United Medical Group CY Plc and MD Medical Group Investments Plc from Cyprus to Russia, both controlled by Igor Shilov and Mark Kurtser, Bloomberg reported.

The media conglomerate said data it compiled highlights that this trend has brought the total value of assets moved by the wealthiest Russians to at least $50 billion.

The sanctions imposed by the collective West, namely the United States, the European Union, the United Kingdom, and other allies, forced Russian billionaires few options for gains in Europe, with many instead taking their cash elsewhere that would be more friendly for the funds, such as the United Arab Emirates, Kazakhstan, and even Russia.

The family holdings of fertilizer billionaire Andrey Guryev, steel tycoon Victor Rashnikov, and billionaire Igor Altushkin have notably made it out of Europe to other nations, with Cyprus, Jersey, and Switzerland being the most affected.

The effort to undercut reliance on the West has been pushed for by Moscow as the former became a more and more hostile environment for Russian interests. In August, President Putin directed the government to establish mechanisms to regain control over Russian companies previously held through foreign entities that were lost due to sanctions.

Russia also made efforts to make repatriation more appealing to Russian investors, introducing low-tax domestic "offshore" zones in 2018 as it continues to refine them over time. Moscow also increased the costs associated with maintaining assets in traditional tax havens like Cyprus and Malta, while holdings re-registered in Russia with international assets may qualify for tax benefits.

Notably, it's not only billionaires who are moving their assets back to Russia; other Russian companies have also relocated. First Deputy Economy Minister Ilya Torosov revealed that 115 companies moved to domestic "offshore" zones this year, bringing the total to 254.

Though there are still many Russian companies maintaining their assets in Europe, the trend is very apparent and shows that Europe may soon be void of any and all Russian companies, or at least down the line, if it continues to be such a hostile environment toward Russia and its nationals. 

Related News

New California: The push for a breakaway state - Newsweek

Trump to 'Israel': 'We have to be careful when we attack people'

Europe is not only harming its interest by reducing the amount of foreign assets it has, but it is also helping boost the Russian economy by allowing there to be more funds in the country, which puts into question the economic and foreign policies of the West. 

A report issued in August highlighted how the sanctions that were supposed to be a deadly blow to Russia's economy have turned into a nightmare for Germany, Europe's largest economy.

The hysteric sanctions, unprecedented in history in terms of volume and period span in which they were adopted, did not subdue Moscow, rather, they shoved the German industrial complex downhill, leaving one of the EU's most powerful countries vulnerable to rising energy prices and sticky inflation rates.

Germany is on a steady path of economic downfall and de-industrialization as a result of Europe's anti-Russia policies and sanctions, German MP Uwe Schulz, a member of the right-wing AfD party, declared.

Read more: Making sense of a self-induced recession in Europe

Punitive measures against Russia have failed but struck Germany's economy, he said in a statement that was published on his party's website.

Russia was ranked in the top five world's largest economies as of the end of 2022 as per a recent World Economics report, and it outgrew all of its European peers in terms of purchasing power parity (PPP).

The politician pointed out that evidence of the extreme impact of sanctioning Russia on the German economy is the “disappointing economic prospects [for the country] for 2023,” as well as “poor results in the automotive industry, [which] continue to lead to lower manufacturing output.” In this regard, the lawmaker called on the German government to immediately “lift economic sanctions against Russia” in order to “prevent [further] economic damage.” 

In June, the Eurozone officially announced it had entered recession. Among the main factors for this financial crisis was the downturn of the bloc's biggest economies, on top of which was Germany.

Following this event, official data showed that the German industrial output experienced a significant decline in June. Germany's crucial industrial heavyweight, the automobile sector, experienced a significant drop of 3.5%, further exacerbating the overall decline. The situation is exacerbated by fluctuations in significant orders, which have significantly impacted the industrial economy, despite rising demand.

The German Economy Ministry, meanwhile, warned of a pessimistic outlook for the economy attributing the slump to surging energy prices and elevated interest rates that have adversely impacted various sectors of industry.

  • United States
  • Europe
  • Russia
  • Germany
  • United Kingdom
  • Ukraine
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Israeli police and rescue teams respond at the scene of a shooting attack where several people killed and injured in Jerusalem, Monday, Sept. 8, 2025 (AP)

Al-Quds shooting: 7 settlers killed, several critically injured

  • Politics
  • 8 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

Pro-'Israel' far-right Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
People protest against Israeli Prime Minister Benjamin Netanyahu during the 79th session of the United Nations General Assembly, in New York, on Friday, September 27, 2024 (AP)
Politics

'Israel' stops unfunded diplomacy ahead of UN, October 7 memorial

An Israeli Air Force fighter jet releases flares over the Gaza Strip, is seen from southern occupied Palestine, Thursday, May 8, 2025 (AP)
Politics

OIC summit draft: Israeli attack on Qatar risks normalization

People shout slogans and hold Palestinian flags while protesting during the twenty-first stage of La Vuelta cycling race from Alalpardo to Madrid, Spain, Sunday, Sept. 14, 2025. (AP)
Sports

Pro-Palestine protests force abrupt end to Vuelta a España finale

Damage is seen after an Israeli strike targeted a compound that hosted Hamas' political leadership in Doha, Qatar, on Wednesday, September 10, 2025 (AP)
Politics

Israeli regime faces growing isolation over Qatar strike: Reports

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS