Russia’s Elite Bet on Foundations to Secure Billions For Heirs

Wealthy Russians are increasingly setting up private foundations at home to protect and pass on their fortunes, taking advantage of the country’s drive to bring back money stashed overseas.

The number of new foundations — financial vehicles akin to trusts used to manage assets for beneficiaries at arms length — surged more than 200% last year and now total more than 600, according to Moscow-based law firm FTL Advisers. They’ve been on the rise after changes around privacy and the ease of setting them up.