Russia’s Elite Move Billions Offshore as Sanctions Tighten Grip

Bloomberg reports that several of Russia’s wealthiest individuals, including Putin confidants, have shifted billions abroad over the past year amid sanctions and asset seizures. Wealth is moving into cryptocurrency, gold, and foreign real estate (notably in the UAE), with Gulf investments rising and assets flowing through private funds; tens of billions have left Russia this year, while some oligarchs still expand wealth overseas despite the war and sanctions.