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
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