International Credit

Capital Continues to Flee Struggling Russian Economy

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Luis Travieso photo
The 30,000-square-foot home that overlooks Florida's Biscayne Bay was bought in Dec. 2012 by a Russian LLC for $47 million.

The risks associated with Russia's economy and political system have become so great that even the richest Russians are no longer taking a chance on the country that bore them their wealth.  Putin: "I am confident that we should finally close, turn the offshore-page." 

On September 17th of last year, news rippled through Russia's wealthy elite that billionaire Vladimir Yevtushenkov, the largest shareholder of the Sistema conglomerate, had been accused of money laundering and placed under house arrest.  But what set this arrest apart from previous ones such as that of oil magnate Mikhail Khodorkovsky in 2003 is that, unlike Khodorkovsky, Yevtushenkov was not a public critic of Russian President Validimir Putin.

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