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Drones fly, everything burns, tension rises: Billionaires and companies flee Russia
🇵🇱 Poland /Technology

Drones fly, everything burns, tension rises: Billionaires and companies flee Russia

From Rzeczpospolita · () Polish

Translated from Polish, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • Russia's banking system and economy face a liquidity crisis, with depositors withdrawing more funds than during the initial Ukraine invasion panic.
  • Major companies and billionaires are moving assets abroad due to fears of government confiscation, economic instability, and Ukrainian drone attacks.
  • Ukrainian attacks have increasingly targeted civilian infrastructure, including major e-commerce warehouses and space centers, causing significant financial losses.

Russia's economic and banking sectors are experiencing a severe liquidity crisis, marked by unprecedented deposit withdrawals that surpass those seen during the initial panic following the Ukraine invasion. This financial instability, coupled with fears of government asset seizure and escalating Ukrainian drone strikes, is prompting major companies and wealthy individuals to move their capital out of the country.

If the Russian government needs money, Putin will just grab assets. He doesn't care about it.

— business associate of a Russian billionaireDescribing the fear among Russian business elites that the government might seize assets.

Billionaires and business leaders are actively seeking to transfer funds abroad, with one associate of a Russian billionaire telling The Washington Post that "If the Russian government needs money, Putin will just grab assets. He doesn't care about it." This sentiment reflects a growing distrust in the stability of the Russian economy and political landscape. "This is not a place you want to do business," the associate added, advising anyone with the means to withdraw their money.

This is not a place you want to do business.

— business associate of a Russian billionaireExpressing the sentiment of business leaders regarding the instability in Russia.

Adding to the turmoil, Ukrainian attacks have expanded beyond energy infrastructure to hit key civilian targets. The country's largest e-commerce platform, Wildberries, has seen at least 22 warehouses attacked in the past month, with 19 significantly damaged or destroyed, resulting in estimated losses of around 800 billion rubles (approximately $8.7 billion USD). Attacks have also impacted grain terminals and shipping, forcing major carriers like Fesco to suspend Black Sea routes. The space center in Samara, crucial for military satellite deployment, was also targeted, further disrupting economic and military operations.

If you have the opportunity to withdraw money, do it.

— business associate of a Russian billionaireAdvising on actions to take amidst the economic uncertainty in Russia.
DistantNews Editorial

Originally published by Rzeczpospolita in Polish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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