Where do Russia’s oligarchs keep their “black money”?1 min read
Russians are said to have $1 trillion (£760 billion) concealed throughout the world, which governments are attempting to locate.
According to the Atlantic Council’s 2020 research, Russian President Vladimir Putin and his close allies – wealthy Russians known as “oligarchs” – control around one-quarter of this sum.
For decades, Russian billionaires have shifted billions of dollars overseas, placing it in shell companies to make them impossible to track down.
Historically, most of this money has flowed to Cyprus, attracted by lower taxes. Some have dubbed the island “Moscow on the Med”.
Popular locations include British Overseas Territories such as the British Virgin Islands and the Cayman Islands.
Some of this money makes its way to financial centres like New York and London, where it may be invested and profited.
Following the invasion of Ukraine, governments adopted a slew of measures aimed at tracing Russian funds.