, and lenders systemic to the country’s economy like Sovcombank PJSC and Credit Bank of Moscow.
The numbers suggest that while Russia’s tycoons were known for splashing out on luxury real-estate in London and parties in Monaco, some of the vital mechanics of their empires was happening in a non-descript office building in Dublin. Russian companies have been using empty shells for just over two decades to raise funds, according to data compiled by Bloomberg, and the business barely skipped a beat after the 2014 Crimea invasion. By locating in Ireland, for example, they take advantage of regulatory regimes that international investors are more familiar with, while also benefiting from special tax breaks.