Business Maverick: New bans force rich Russians to drop favoured investment vehicle

The new restrictions are leaving rich Russians with a dwindling set of options to manage their wealth as the West targets them following Putin’s war. They’re looking at the United Arab Emirates, where they could change the trustee and transfer existing structures with minimum changes, according to Daria Nevskaya, a partner at Moscow law firm FTL Advisers.

That year, billionaire Alisher Usmanov reduced the stake in his main holding, USM, to less than 50% by selling shares to his managers. The move insulated his main assets, including Metalloinvest Holding Co., from sanctions imposed on him by the US and Europe. Similarly, when Oleg Deripaska got hit by sanctions in 2018, Evraz Plc’s billionaire owners Roman Abramovich, Alexander Abramov and Alexander Frolov took a preemptive measure to help shelter their assets in case they would be targeted. They split their joint control over the steelmaker into three separate holdings shortly after.

Now Russia’s war in Ukraine is accelerating the push to protect holdings. Some tycoons have transferred ownership to family members, subordinates or friends – like Dmitry Mazepin who offloaded a stake in UralChem JSC to executives at the fertiliser maker after he and his son got sanctioned by the EU – while others re-domiciled their holdings to Russia, a move that Putin has long encouraged with different incentives.

The family holding of Said Kerimov, the son of sanctioned Russian billionaire Suleiman Kerimov, and Andrey Guryev, the UK-sanctioned founder of PhosAgro PJSC, both re-domiciled firms to Russian low-tax zones in the past two months. Steel tycoon Victor Rashnikov in March

• There’s no greater joy than having financial freedom and a life free of debts, that’s why I Zaza posting comments about AdamTrey01 who guided me trading onlin

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Oil Rallies as EU Proposes Phasing Out Russian Supply This YearOil jumped as the European Union proposed to ban Russian crude over the next six months and refined products by the end of the year. Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met Williamchurch07 and started Bitcoin trading, I earned R500,000 in 3 weeks thanks Williamchurch07 I was scammed through Bitcoin couple of months ago, I started hating Bitcoin until I was introduced to Allison_Grillo, and I gave Bitcoin trading another try, I successfully withdrew $35,000 after two weeks of trading, am so grateful Allison_Grillo thank you.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Elon Musk Secures $7.1 Billion in New Financing for TwitterElon Musk has secured about $7.1 billion of new financing commitments, including from billionaire Larry Ellison, a Saudi Prince, and Sequoia Capital, to help fund his proposed $44 billion takeover of Twitter Inc. .elonmusk Elon Musk bought Twitter and inherits arguably two other properties: the HashTag-verse and the Trending-verse in a 3 for 1 mega-deal. Brilliant guy. This man would never be able ti achieve what he did if he stayed in SA just shows you the difference in countries. Agreed, brilliant person. He makes changes for the better and don't wait for others
Source: dailymaverick - 🏆 3. / 84 Read more »

WATCH: May the 4th be with you — an investment case for DisneyBusiness Day TV talks to investment analyst at Anchor Capital, Henry Biddlecombe I was scammed through Bitcoin couple of months ago, I started hating Bitcoin until I was introduced to Allison_Grillo, and I gave Bitcoin trading another try, I successfully withdrew $35,000 after two weeks of trading, am so grateful Allison_Grillo thank you. Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met Williamchurch07 and started Bitcoin trading, I earned R500,000 in 3 weeks thanks Williamchurch07
Source: BDliveSA - 🏆 12. / 63 Read more »