Russian oligarchs are also repatriating their assets abroad, especially in Dubai and other markets, due to the increase in asset seizures.

According to a Bloomberg report, Russian oligarchs are moving their wealth abroad, especially to Dubai and other markets, in response to the intensification of asset seizures by authorities.

In 2022, assets worth over 4 trillion rubles were confiscated, which amplified fears that confiscation measures could expand. Billionaires like Vadim Moshkovich and Konstantin Strukov have been directly affected, prompting a reassessment of the risks associated with holding assets in Russia. In this context, Russian capital is heading towards destinations such as the United Arab Emirates, Saudi Arabia, and Turkey, where investments are being made in luxury properties and cryptocurrencies.

Estimates suggest that capital outflows from Russia amount to tens of billions of dollars, amid economic pressures generated by sanctions and the costs of the war in Ukraine. Oligarchs are thus seeking to protect their wealth by moving assets to safer jurisdictions.