Russian billionaires, squeezed by international sanctions and facing pressure from President Vladimir Putin to repatriate their wealth, have pulled assets worth tens of billions from Europe since the invasion of Ukraine.

Last month, shareholders of United Medical Group CY Plc and MD Medical Group Investments Plc, controlled by tycoons Igor Shilov and Mark Kurtser, approved the companies’ move from Cyprus to Russia. That transfer will help push the total value of assets that have been re-domiciled by the wealthiest Russians since February 2022 to at least $50 billion, according to data compiled by Bloomberg.

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Russian Elite Bring Back $50 Billion of Assets as Havens Dwindle