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Sanctions Pull Russian Billionaires Tighter Into Putin’s Embrace

The penalties are proving a victory for the president, who for years tried to lure back rich citizens. German Khan is among those who returned to Moscow. 

Corrected

When German Khan was sanctioned following the Kremlin’s invasion of Ukraine, the Russian billionaire had to make a choice: Stay in London, where he’d been living for almost a decade, or move back to his native land. 

Within months, the founding partner of LetterOne abandoned his adoptive home in the UK for Moscow, according to people familiar with his whereabouts who declined to be named as the matter is private. He did so after transferring his stake in the investment firm to an unsanctioned shareholder, ensuring some $2 billion of his fortune held outside of Russia wouldn’t be frozen.