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☆ Russia's war economy is so hot that at least 12 of its oligarchs received $11 billion in dividends over 15 months
▼ + stars: | 2024-07-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia's economy is boosting wealth for of oligarchs, some of whom are sanctioned. A dozen Russian tycoons pocketed $11.4 billion in dividends for all of 2023 up until the first quarter of 2024. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRussia's wartime economy has not only made some poor people better off — some of Russia's oligarchs are getting richer, too. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Bloomberg, Business

☆ Putin's war with Ukraine has basically killed off one of Russia's most successful tech companies
▼ + stars: | 2023-11-15 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

Putin's war in Ukraine may have killed off one of Russia's most promising tech companies. AdvertisementPutin's war in Ukraine has taken quite a toll on the country's most successful tech company. The Dutch-domiciled company owns Russia's most popular search engine, which is often referred to as "Russia's Google." AdvertisementIt was also one of the most promising Russian tech companies in terms of global expansion. The tech company has, however, come under increasing government scrutiny in recent years after Putin's invasion of Ukraine in February 2022.

Persons: —, Arkady Volozh, Volozh, Yandex Organizations: Yandex, Service, Bloomberg, Google, Reuters, VK Locations: Ukraine, Russian, Israel, Russia

☆ Russian oligarch Kuzmichev put under formal investigation in France - source
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

PARIS, Nov 1 (Reuters) - French investigative judges on Wednesday put Russian tycoon Alexey Kuzmichev under formal investigation, a source at the financial prosecutor's office said. Kuzmichev, who had been held for questioning since Monday, was put under formal investigation over allegations of laundering of tax evasion proceeds, money laundering and concealed work, the source said. While the financial prosecutor's office had sought for Kuzmichev to be placed in pre-trial detention, he will be set free under judicial supervision, the source said. Being placed under formal investigation in France does not imply guilt or necessarily lead to trial but shows judicial authorities consider there is enough to the case to proceed with the probe. Kuzmichev was one of very few Russian tycoons who stayed in the West after Russia invaded Ukraine.

Persons: Alexey Kuzmichev, Kuzmichev, Vladimir Putin, Forbes, Russian tycoons, Ingrid Melander, Felix Light, Diane Craft, Sandra Maler Organizations: Wednesday, Kuzmichev's Paris, European Union, Russia's Alfa Bank, Thomson Locations: France, Ukraine, Russian, West, Russia

☆ Ukraine freezes assets of three Russian tycoons worth $464 million, prosecutors say
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

Pavel Golovkin/Pool via REUTERS Acquire Licensing RightsKYIV, Oct 6 (Reuters) - A Ukrainian court has frozen the Ukrainian assets of three Russian businessmen over their alleged support for Russia's war in Ukraine, prosecutors and the security service said on Friday. The Ukrainian Security Service (SBU) said assets owned by Mikhail Fridman, Pyotr Aven and Andrey Kosogov had been frozen. It said the frozen assets included securities and corporate rights of mobile phone operators, a mineral water producer, financial and insurance companies. "The beneficial owners of the companies are three Russian oligarchs who own one of the largest Russian financial and investment consortia," it said. Since the beginning of Russia's military invasion in February 202, Ukraine has repeatedly seized and nationalised property belonging to Russian businessmen involved in financing the aggression.

Persons: Mikhail Fridman, Keren Hayesod, Pavel Golovkin, Pyotr Aven, Andrey Kosogov, Vladimir Putin's, General's, Pavel Polityuk, Timothy Heritage, William Maclean Organizations: Alfa, REUTERS Acquire, Rights, Ukrainian Security Service, Thomson Locations: Moscow, Russia, Ukraine, Russian

☆ Russian tycoons haul over $50 billion of assets back home under pressure from sanctions and the Kremlin
▼ + stars: | 2023-09-14 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Russian billionaires are re-domiciling their assets under pressure from Western sanctions and the Kremlin's moves. Over $50 billion of Russian wealth has been repatriated since the invasion of Ukraine, per Bloomberg. On the flip side of the coin, Putin is making it harder for foreign firms to exit Russia. Europe has for decades been the preferred destination for offshore Russian companies to base their funds, but this tradition could soon come to an end as the costs of keeping capital abroad rise. A timeline of the hurdles Russia has imposed on companies looking to flee its heavily sanctioned economy can be found here.

Persons: Putin, Vladimir Putin, Alexei Kuznetsov Organizations: Bloomberg, Service, Kremlin Locations: Ukraine, Russia, Wall, Silicon, Europe, Cyprus, Malta, Moscow, Russian

☆ Russia's so desperate to get its billionaires and their massive wealth back that it just threatened to seize the assets of an oligarch worth $13 billion
▼ + stars: | 2023-08-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia filed a lawsuit against oligarch Andrey Melnichenko, who is worth $13 billion. The state is looking to seize Sibeco amid Putin's call for Russian tycoons to invest at home. Authorities have filed a lawsuit against Andrey Melnichenko, an oligarch now based in the United Arab Emirates, the Financial Times reported on Sunday. The ninth richest person in Russia, Melnichenko — who has been sanctioned by the European Union and the US — is worth $13 billion as of Monday, according to Bloomberg Billionaire's Index. In March 2022, Melnichenko — whose mother is Ukrainian — told Reuters in an interview that Russia's invasion of Ukraine was "truly tragic."

Persons: oligarch Andrey Melnichenko, Andrey Melnichenko, —, nationalize, Melnichenko, Putin, Melnichenko —, Ukrainian — Organizations: Service, Moscow, Authorities, United Arab Emirates, Financial Times, Melnichenko's, Kremlin, Reuters, European Union, Bloomberg Billionaire's Locations: Russia, Wall, Silicon, Ukraine, Siberian, Krasnoyarsk —, Russian, Ukrainian

☆ Prigozhin might want to 'steer clear of any upper floor windows' for now, says military expert: 'When you strike at a king, you must kill him'
▼ + stars: | 2023-06-26 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

A military expert says Wagner boss Yevgeny Prigozhin "may want to steer clear" of windows. Wechsler added that Prigozhin should remember: "When you strike at a king, you must kill him." Two critics of Putin's war in Ukraine have died in the last year after falling from building windows. He came to an agreement because Putin has long been his patron, not his adversary — the Russian military elite is his adversary," Wechsler told Insider. "In the end, Putin and Prigozhin avoided the kind of conflict that would have risked each or both of them losing everything, but the resulting agreement has diminished them both.

Persons: Wagner, Yevgeny Prigozhin, Wechsler, —, Yevgeny Prigozhin's, Ralph Waldo Emerson's, William F, Prigozhin, Obama, Vladimir Putin, Pavel Antov, Antov, Ravil Maganov, Maganov's, Putin, " Wechsler Organizations: Service, Wagner Group, Rafik Hariri Center and Middle, Atlantic Council, Associated Press, Russian Defense Ministry, BBC, Russian Locations: Rafik, Moscow, Belarus, Ukraine, India, Russia

☆ Russia's elite fear for their safety after a Putin ally advocated punishing those who don't support the war, report says
▼ + stars: | 2022-11-09 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +2 min

Putin ally Yevgeny Prigozhin has been an influential player during Russia's war in Ukraine. He said that tycoons who don't show enough support for the war should face "Stalinist repressions." Prigozhin's comments have worried Russian elites, who told Bloomberg they fear for their safety. The officials told Bloomberg they were concerned for their own safety, and that they were checking in with each other regularly to see if their family members are safe. Andrei Kolesnikov, a senior fellow at the Carnegie Endowment for International Peace, told Bloomberg that Prigozhin is "behaving like a parallel government."

☆ Yacht linked to sanctioned Russian tycoon leaves Hong Kong
▼ + stars: | 2022-10-21 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

HONG KONG — A superyacht linked to sanctioned Russian tycoon Alexey Mordashov left Hong Kong for South Africa on Thursday, nearly two weeks after the U.S. accused the city of operating as a safe haven for sanctioned individuals. The marine department confirmed that the $500 million superyacht Nord left Hong Kong on Thursday afternoon but did not elaborate. The Nord arrived in Hong Kong on Oct. 5 from Vladivostok, Russia, putting the Chinese territory in the crosshairs of U.S.-China tensions. The U.S. State Department said the presence in Hong Kong of assets belonging to sanctioned individuals called into question the “transparency of the business environment” in the city. Hong Kong leader John Lee later said that while Hong Kong complies with United Nations sanctions, authorities “cannot do anything that has no legal basis” when it comes to sanctions unilaterally imposed by other jurisdictions.

☆ Superyacht struggle: Is Hong Kong now safe harbor for sanctioned Russians?
▼ + stars: | 2022-10-12 | by ( Marie Brockling | ) www.nbcnews.com time to read: +5 min

A superyacht linked to a Russian oligarch has produced the latest ripple of tensions between the United States and China after it moored in Hong Kong’s harbor. Hong Kong said Tuesday it would not seize the superyacht, defying Washington and raising fears that the global financial hub could become a haven for individuals sanctioned over the war in Ukraine. “Secondary sanction is more a practical matter rather than a legal or moral matter as Hong Kong banks handling Russian transactions could be sanctioned,” Sun added. The Hong Kong Marine Department did not respond to a request for comment on the number of Russian yachts in its harbors. “We will have to see how much money eventually flocks to Hong Kong and how they are being handled in order to assess the impact on U.S.-China relations,” Sun said.

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