Russian oligarchs linked to the Kremlin have begun massively moving their capital abroad, in a signal that analysts say shows growing uncertainty about Russia’s economic future.
According to estimates published by various sources, businessmen close to the government in Moscow are trying to protect their assets from potential risks, while the Russian economy is facing great pressure due to international sanctions, high military spending and the weakening of some economic sectors.
The oligarchs, who for years have been among the main beneficiaries of the Russian economic system, are suspected of fearing a new wave of state intervention, including taking control of private companies or transferring assets to state-linked structures.
“When even the people closest to power start to worry, it’s a sign of deeper problems,” Kremlin critics say, Bloomberg writes.
However, Russian authorities have repeatedly denied that the country’s economy is in crisis and have stated that Russia has managed to adapt to Western sanctions.
The shift of capital by wealthier businessmen is seen as an important indicator of the climate of uncertainty, while the Russian economy continues to be dependent on state spending and the defense sector. /Telegraph/