Businessmen are withdrawing assets from the EU to the Russian Federation, despite the risks

Many wealthy Russians with businesses and assets in European countries are trying to return their wealth to Russia or so-called friendly countries, for example, the United Arab Emirates. At the same time, they are afraid of the nationalization of business in Russia and feel in limbo, reports Bloomberg.

On condition of anonymity, the agency spoke with several Russian businessmen who have already transferred their business and assets to Russia. The two billionaires said that under sanctions they can only do business in Russia and try not to think about the possible confiscation of assets by Russian authorities. Another sanctioned businessman noted that he does not yet understand how to rebuild the business, but he and his family will build a new life in Russia.

Among the concerns of wealthy businessmen, Bloomberg notes the instability of Russia’s military economy for business and the risks of its loss. The agency notes that although Vladimir Putin statedthat the state does not plan to nationalize private companies in Russia, the prospects for confiscation strongly depend on a loyal attitude to the authorities.

Previously “Novaya Gazeta Europe” reportedthat after the invasion of Ukraine, a massive wave of nationalization of private enterprises began to gain momentum in Russia. According to the publication, last year the number of government claims for nationalization increased 9 times compared to pre-war 2021.

Among the companies against which the nationalization procedure has already been initiated are enterprises owned by Russian owners, such as the car dealer Rolf, the largest pasta manufacturer Makfa or the Chelyabinsk Electrometallurgical Plant, and foreign companies, for example, the Danish beer manufacturer Carlsberg.