Over the past year, several of Russia’s wealthiest individuals, including businessmen close to Vladimir Putin, have moved billions of dollars abroad. Bloomberg says the shift has been driven by worsening economic and banking conditions, rising budget spending, and growing fears that property could be seized.
The agency cites conversations with six wealthy Russians, people familiar with the decisions of several billionaires, as well as corporate filings and property purchase documents. By Bloomberg’s conservative estimate, informal capital outflows since the start of the year have reached tens of billions of dollars. The exact amount cannot be determined because a significant share of transfers, especially through cryptocurrencies, does not appear in official statistics.
According to Bloomberg’s sources, wealthy Russians are increasingly channeling money into cryptocurrencies, gold, overseas real estate, and private investment funds. The main destinations are named as the UAE, Turkey, Saudi Arabia, and Cyprus. One source said he had begun investing in Africa. Russians also continue buying property in Dubai and are expanding investments in housing in Turkey and Monaco. Funds are being moved through cryptocurrencies and informal routes via Armenia, Kazakhstan, and Kyrgyzstan.
The agency says pressure on major entrepreneurs has intensified since 2024, when the Russian authorities began more actively seizing assets from prominent businessmen, including those who maintained foreign ties. The article cites as examples Vadim Moshkovich, founder of Rusagro, gold mining asset owner Konstantin Strukov, and former Domodedovo Airport owner Dmitry Kamenshchik.
Bloomberg adds that a closed meeting between business figures and Putin in March caused additional concern. At that meeting, billionaire Suleiman Kerimov suggested that business should contribute to the budget, and the president backed the idea. Kremlin spokesman Dmitry Peskov later denied that Putin had asked participants to hand money over to the state.
Against the backdrop of rising military spending, the Kremlin is seeking new revenue sources and trying to cut civilian budget items while preserving defense funding. At the same time, Russian billionaires have become richer over the past year, which, according to the report, has increased pressure on them to share the state’s financial burden. According to calculations by Novaya-Europe, assets worth 1.8 trillion rubles have been seized from officials and deputies since 2022. In 2025, law enforcement agencies seized 951 billion rubles in assets, and in the first half of 2026, another 366 billion rubles.