Bloomberg: Russian billionaires have begun returning assets to Russia
Russian billionaires subjected to Western sanctions began to gradually move their assets to Russian territory. This was facilitated by the cessation of Cyprus and Switzerland providing services for managing family trusts if they involve Russian citizens. According to information provided to Bloomberg by two Russian billionaires, the transfer of assets to Russia entails risks of their possible privatization by the state.
Agency sources reported that they are currently forced to conduct business exclusively in Russia. They try not to think about the possibility of state privatization of their assets. Another entrepreneur, who was also subject to sanctions and transferred his assets to the Russian Federation, told Bloomberg that he is now trying to create a new life in Russia.
The 26 billionaires mentioned in Bloomberg, with an average age of 63, have a combined net worth of about $350 billion. Given their age, billionaires have to plan to pass on their wealth to their heirs. According to the agency, the development of the economy and all business sectors depends on the choice of these people, in which country and how to do this.
In addition, according to Bloomberg, some Russian billionaires keep a significant part of their wealth in cash , located in undisclosed locations. Among them, the agency mentions the former head of the PhosAgro holding Andrei Guryev and the main shareholder of Lukoil Vagit Alekperov.
Bloomberg notes that Russia has long sought to attract its billionaires by creating more favorable conditions for them to transfer inheritance. The country has no inheritance tax and also has a law on inheritance funds, which facilitate the transfer of wealth to the next generation by automatically distributing assets or income to heirs.