Russian Oligarchs Transferred $12.2 Billion Abroad in 2026

In 2026, the Russian economy faced a sharp increase in shadow operations for transferring funds abroad. In the second quarter, $12.2 billion was taken out of the country, linked to operations that do not fall under standard categories such as imports, investments, or debt repayments. These funds were classified in the balance of payments under the item "net errors and omissions." The volume of such operations increased 8.7 times compared to the first quarter, when it amounted to $1.4 billion, marking a record since 1994. Every tenth dollar of export revenue for the quarter ($125.7 billion) and nearly a third of the trade balance surplus ($38.3 billion) were transferred abroad. Economists note that this item usually conceals unaccounted capital outflows. The capital outflow coincided with actions by the wealthiest Russian businessmen, including those close to Vladimir Putin, who are trying to hide money abroad due to the banking system crisis and the risk of asset confiscation. The main destinations for capital transfers include Cyprus, the UAE, Turkey, Saudi Arabia, and African countries. The banking sector crisis continues in Russia, with depositors withdrawing money en masse, while billionaires are moving their capital abroad.

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