Russian elite exodus highlights deep distrust in Kremlin stability
After the attack on Ukraine, Russian tycoons, including those close to President Vladimir Putin, left Russia in large numbers. According to data analysis by the "Proekt" portal, as many as 49 businessmen from Forbes' list of 200 billionaires left Russia between the end of February and March 2022. Some had fled earlier.
The first businessmen left the country just after Russia recognized the independence of the Donetsk and Luhansk People's Republics on February 21, 2022. Some of the escapees attended a meeting with President Putin at the Kremlin on the first day of the war, during which he called on representatives of big business to "understand the situation." However, the billionaires interpreted the president's words in their own way and immediately headed to the airports.
Almost one-third of those leaving went to the United Arab Emirates (17 people). Five people chose Switzerland and Turkey, four billionaires flew 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 "Proekt" portal shows that those closest to Putin were the first to leave the country. On February 23, Boris Rotenberg, the younger brother of Arkady Rotenberg, flew to Nice. The next day, February 24, Mikhail Shelkov left Russia, the vice-chairman of the board of directors of "WSMPO-Avisma," a key titanium supplier for military-industrial complex enterprises, and a close associate of "Rostec" chief Sergey Chemezov.
The founders of the "Alfa" group and "Alfa-Bank" also quickly left Russia. On February 25, Pyotr Aven went to Italy, and Mikhail Fridman and German Khan also departed. Shortly after them, their former partner in the oil business and head of the "Renova" group, Viktor Vekselberg, flew to Turkey.
To sunny Cyprus went NOWATEK shareholder Leonid Mikhelson and "Rusagro" founder Vadim Moshkovich, who was arrested in March 2025. To billionaire-favored Dubai, the day after the meeting with Putin, flew UAE passport holder, "Eurochem" and SUEK founder Andrey Melnichenko. On February 28, TMK owner Dmitry Pumpyansky appeared in the same place.
A second wave of escapes after Prigozhin's mutiny
The mass escape of businessmen repeated in June 2023, after 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 went to Turkey. The latter was photographed in Tel Aviv on June 25, and his pictures appeared in Israeli media. According to analysts, these two waves of Russian billionaires escaping clearly demonstrate the business elite's lack of trust in the stability of Russia's political system and concern over the consequences of international sanctions.
