Russian elites are moving their money to overseas accounts and investments in order to protect their wealth from the reach of the state… and yes of course you heard that one before.
This time Bloomberg reports that it’s Vladdy Daddy’s regime – and not the US Treasury or other western financial authorities – aiming to seize whatever they can to fund the increasingly dire economic situation wrought by the nearly five years-long war against Ukraine. With it have come a real USSR retro-throwback in the form of a number of high-profile asset seizures. In response there’s been tens of billions in capital outflow to places like Dubai – itself as of February 28th not exactly the hottest real estate market given the belligerence of a cranky neighbor across the Strait.