Oligarchs return assets for “hundreds of millions of dollars” to Russian Federation before publication of Kremlin report
A sharp increase in the inflow of funds from abroad was recorded in January by Sberbank Private Banking.
In January, on the eve of the publication of the so-called Kremlin report, assets worth hundreds of millions of dollars returned to Russia. This is three times more than in January 2017, writes The Bell with reference to the report of Sberbank Private Banking (SPB, Sberbank's asset management division for large private clients, the entrance threshold is from 100 million rubles).
According to the head of SPB, Yevgenia Tyurikova, in January, the main sentiment around oligarchs was that “January 29 and February will come and the sanctions will be imposed”, so they hurriedly transferred their money back to Russia. She noted that the main flow of funds came from Switzerland, as well as from Britain and Austria, “but much less.”
As explained by Bloomberg referring to sources, many Russian businessmen on the eve of the publication of the report conducted special stress tests and winded up holding structures, as well as tried to negotiate with Washington through intermediaries.
It is to be recalled that the Kremlin report was published on January 30. The list includes all Russian businessmen from the list of Forbes with a fortune of more than $1 billion. In addition, it mentions several dozen officials. All this did not help the outflow of capital from Russia: in January 2018, it grew by 2.3 times compared with January 2017. In total for 2017, the net outflow of capital from Russia was $31.3 billion and grew by more than 1.5 times compared to 2016 ($19.8 billion).