Members of the Russian elite are transferring billions of dollars to entities beyond the reach of Vladimir Putin’s military-state apparatus. This process is unfolding in tandem with rising Russian budgetary expenditure and a campaign to redistribute private property, as part of which the state is challenging claims to major assets.
Briefly about the main points
- The Russian elite’s transfer of billions abroad.
- In Russia, the number of nationalisation claims has risen since 2022.
- The state’s claims on assets had exceeded 4.99 trillion roubles by the end of 2025.
- The external financial assets of Russian residents rose significantly in the first quarter.
- Russia’s budget deficit exceeds the Ministry of Finance’s official target.
Money transfers against a backdrop of increased state control
The Russian elite is transferring substantial wealth out of the country in an attempt to protect it from the military regime’s increased scrutiny. The agency presents the scale of such operations and the range of those involved as information from its own sources.
The Bank of Russia’s official statistics do not allow for the identification of transfers made specifically by billionaires. At the same time, they do record an increase in residents’ external financial assets: in the first quarter of 2026, net acquisitions of financial assets excluding reserves amounted to $18.2 billion, compared with $5.5 billion in the fourth quarter of 2025.
The regulator attributed the growth primarily to other investments — in particular, claims arising from international trade settlements and rouble-denominated loans to non-residents from friendly countries.
Nationalisation has become part of the economic landscape
A study by Russian Analytical Digest, published in February, recorded more than 170 nationalisation claims filed by the Russian Prosecutor General’s Office since 2022. The value of the assets to which the state has laid claim by the end of 2025 exceeded 4.99 trillion roubles, or 53.5 billion euros.
Almost 70 such cases were initiated in 2025. This refers specifically to assets for which a claim for seizure has been made, not necessarily those that have been definitively confiscated in each case.
Nationalisation, attempts at nationalisation or forced sales on non-market terms affected approximately 10% individuals on the Russian Forbes list for 2014–2025. For the 2021–2023 sample of billionaires, the proportion stood at 12%.
The budget deficit is exacerbating financial pressure
According to the government portal «Electronic Budget», Russia’s federal budget expenditure for 2026 is set at 45.11 trillion roubles — compared with 44.07 trillion in the current budget law. The revenue forecast remains at 40.28 trillion roubles, implying a deficit of 4.83 trillion roubles.
The Ministry of Finance reported that the deficit had already reached 5.73 trillion roubles, or 2.5% of GDP, in the first half of the year. The Minister of Finance Anton Siluanov acknowledged that the final figure would exceed the official target, although, he said, this should not lead to a significant increase in domestic borrowing.
Protection of liquid assets
The combination of the risk of losing business within the country and the growing budgetary needs of the state makes it economically understandable that major owners would seek to diversify their capital. This does not prove the motives behind each individual transaction, but it does explain why liquid assets and foreign jurisdictions may take on added significance for owners.
Over the course of three years, the state has seized assets worth approximately $50 billion. The seizures involved both Western companies and Russian businesses, and the legal grounds varied — ranging from claims relating to privatisation to allegations of mismanagement.
