Russian businessmen, under sanctions, transferred assets worth $50 billion from Europe to Russia, Bloomberg reports.
The publication notes that entrepreneurs began to transfer assets after changes in tax policy. The media explains that the agreement to avoid double taxation, suspended by the Russian authorities, has made it impractical for businesses to remain in unfriendly jurisdictions such as Europe. Russia “seems to be less of an evil than foreign countries,” says Natalya Kuznetsova, a partner at Business Solutions and Technologies, quoted by the Kommersant newspaper.
According to First Deputy Minister of Economy Ilya Torosov, in 2023, 115 companies moved to domestic “offshore” zones, and in total there were 254 such companies. At the same time, the total value of assets that were transferred to Russia since February 2022 increased to $50 billion transfer United Medical Group CY Plc and MD Medical Group Investments Plc.
At the same time, the newspaper writes that a number of the largest Russian raw materials and technology companies are still registered in Europe, including the fertilizer manufacturer EuroChem Group AG of billionaire Andrei Melnichenko is based in Switzerland, and the agricultural company Ros Agro PLC transferred its listing to Kazakhstan and is operating over re-registration from Cyprus. The holding Globaltrans Investment Plc moved to Abu Dhabi from Cyprus, and the gold mining company Polymetal International Plc re-registered in Kazakhstan.
Source: Rosbalt
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