Russia’s New Elite Emerges to Fill Void After Multinationals Flee
- Foreign firms have sold assets worth over $21 billion
- Third wave of business elite swoops in to grab bargains
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A new cohort of Russian business elite has emerged to benefit from the void left when international firms suddenly exited following President Vladimir Putin’s invasion of Ukraine.
The latest wave of entrepreneurs to seize their chance have snapped up assets at discounted prices after the war prompted multinationals to leave because of pressure from sanctions and their own investors.