Russian billionaires flee in waves amidst political turmoil
Following the attack on Ukraine, Russian tycoons, including those close to President Vladimir Putin, left Russia in significant numbers. According to data analysis by the "Projekt" portal, up to 49 businessmen from Forbes' list of 200 billionaires departed Russia between the end of February and March 2022. Some had already fled earlier.
The first businessmen exited the country just after Russia recognised the independence of the Donetsk and Luhansk People's Republics on 21 February 2022. Some of those who escaped attended a meeting with President Putin at the Kremlin on the first day of the war, during which he urged representatives of big business to "understand the situation." However, the billionaires interpreted the president's words in their way and immediately headed to the airports.
Almost one-third of those leaving went to the United Arab Emirates (17 people). Five chose Switzerland and Turkey, four billionaires travelled to France, and three decided to wait out the war in Cyprus.
The closest associates of Putin are the first to leave
Data from the "Projekt" portal shows that those closest to Putin were the first to depart the country. On 23 February, Boris Rotenberg, the younger brother of Arkady Rotenberg, flew to Nice. The following day, 24 February, Mikhail Shelkov left Russia, the vice-chairman of the board of directors of "WSMPO-Avisma" - a key titanium supplier for military-industrial complex enterprises, considered a close associate of "Rostec" chief Sergey Chemezov.
The founders of the "Alfa" group and "Alfa-Bank" also quickly left Russia. On 25 February, Pyotr Aven went to Italy, and Mikhail Fridman and German Khan also departed. Shortly after them, their former partner in the oil business, Viktor Vekselberg, the head of the "Renova" group, travelled to Turkey.
To sunny Cyprus went NOVATEK shareholder Leonid Mikhelson and "Rusagro" founder Vadim Moshkovich, who was arrested in March 2025. To billionaire-favoured Dubai, the day after the meeting with Putin, flew a UAE passport holder, "Eurochem" and SUEK founder Andrey Melnichenko. On 28 February, TMK owner Dmitry Pumpyansky appeared in the same place.
A second wave of escapes after Prigozhin's mutiny
The mass exodus of businessmen repeated in June 2023, following the mutiny of Wagner Group founder Yevgeny Prigozhin. From June 22 to June 26, 15 people from Forbes' list suddenly left Russia. During the rebellion, Arkady Rotenberg had urgent matters in Azerbaijan.
Alexey Mordashov and Roman Abramovich travelled to Turkey. The latter was photographed in Tel Aviv on June 25, with his picture appearing in Israeli media. According to analysts, these two waves of Russian billionaires fleeing demonstrate the business elite's lack of trust in Russia's political system's stability and concern over the consequences of international sanctions.
