Tuesday, February 27, 2024
Homeus newsWhat sanctions? How Russians spend their rubles in the US

What sanctions? How Russians spend their rubles in the US

The lifestyles of the rich and the Russian haven't all been caviar dreams in recent weeks.

Escalating strife in Crimea has sent Moscow into a stock market slump this month — and caused the country's 10 richest to lose a collective $6.6 billion, reported research firm Wealth-X.

(Read more: EU leaders hold critical talks on Russian sactions)

Cristian Lazzari | E+ | Getty Images

But don't think those opulent oligarchs are crying into their triple-distilled vodka just yet. They're still rolling in enough rubles to make multi million-dollar deals in America — and their names aren't among the high-level Russian officials whose U.S. assets have been frozen under Western sanctions.

Russia's mega rich are still expected to continue to drop big dollars on investments like these:

Real estate

Luxury residential properties are the ultimate status symbol among Russia's elite. Some $1 billion worth of residential real estate in the U.S. is tied to buyers from Russia or a former Soviet state, according to a New York Times estimate in 2012.

They're snatching up penthouses in Manhattan and mansions in Miami.

RELATED ARTICLES
- Advertisment -

Most Popular