Russian billionaires

Cyprus nears conclusions in probe of Russian sanctions violations

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Cyprus nears conclusions in probe of Russian sanctions violations

Cypriot authorities are investigating possible breaches of EU sanctions on Russian billionaires related to the war in Ukraine. Investigators are looking into cases involving high-profile individuals like Alexei Mordashov, who reportedly transferred shares worth €1.4 billion to his wife after the sanctions were imposed. The Attorney General’s office met with investigators to review progress and issue instructions, with potential prosecutions looming. Sources indicate that evidence from foreign countries is being sought to support potential charges, with funds leaving Cyprus before the sanctions were implemented being a focus of the investigation.

Russian billionaire Fridman wins appeal but remains under EU sanctions

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Russian billionaire Fridman wins appeal but remains under EU sanctions

Russian billionaire Mikhail Fridman and his business partner Petr Aven were successful in appealing against EU sanctions related to Moscow’s war against Ukraine. The European Union Court of Justice annulled the sanctions, stating that there was insufficient evidence to justify their inclusion on the list. The men remain under separate punitive measures for now, with Fridman expressing satisfaction with the court’s decision. The EU has imposed sanctions on over 1,700 individuals and entities in connection to Russia’s invasion of Ukraine, but some sanctions have been voided or not extended by the ECJ.

How investment firms shield the ultrawealthy from the IRS – ICIJ

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How investment firms shield the ultrawealthy from the IRS - ICIJ

The fact described in the text is that the IRS has received a major infusion of funding, including billion in 2022, to address the issue of large partnerships used by the ultrawealthy to hide income and avoid paying taxes.

Russian billionaires see collective wealth near $600 bln – Forbes

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Russian billionaires see collective wealth near $600 bln – Forbes

Russia’s richest people saw their fortunes increase by billion over the past year, reaching a collective wealth of 7 billion. Vagit Alekperov, former president of Lukoil, is now the wealthiest person in Russia. The total wealth of Russian billionaires had been estimated at 6 billion before the Ukraine invasion in 2021. Despite Western sanctions, which caused their total wealth to drop to 3 billion in 2022, high commodity prices and war-focused economic growth have helped in the recovery. Alekperov’s fortune rose to .6 billion, securing his top spot in Russia. Leonid Mikhelson from Novatek is in second place, with a wealth of .4 billion. Putin has praised the resilience of the Russian economy against Western sanctions, emphasizing the country’s GDP growth of 3.6% last year. However, the economy’s heavy reliance on state-funded military production for the war in Ukraine poses challenges for improving living standards in Russia. The IMF predicts a GDP growth of 2.6% for Russia this year, but foresees difficulties due to population outflows and technology shortages. Russian business people have benefited from the Western corporate exodus, with many companies selling assets cheaply or having their operations seized.