Rich Russians Stuck in Limbo as War Creates Succession Conundrum
- Some move back to Russia despite fear of asset seizures
- The country’s richest have about $350 billion in wealth
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For Russia’s elite, passing on family wealth has become more complex than ever.
With the war in Ukraine stretching into a third year and the rich getting accustomed to the idea that Russian citizens are no longer welcome in the West, the tried-and-true playbook for transferring fortunes has been effectively vanquished. Even Cyprus and Switzerland — some of the favorite spots of old — have introduced bans on providing management services to family trusts with Russian nationals as trustors or beneficiaries.