Russia’s ultra-rich stash billions abroad amid asset seizure fears

Bloomberg reports that several of Russia’s wealthiest businessmen have moved billions of dollars out of the country over the past year, shifting into cryptocurrency, gold, and overseas real estate as concerns over asset seizures, the economy, and war funding mount. Some are close to Putin, and asset seizures have occurred (e.g., Dmitry Kamenshchik). Two sources estimate tens of billions have left so far this year; sanctions complicate transfers, with channels like A7/A7A5 and PSB cited as routes. At a closed-door meeting, Putin reportedly urged contributions to the war, though the Kremlin said fundraising was voluntary.