La Turkey has become the tax haven of Russian oligarchs to escape the burden of Western sanctions due to the war in Ukraine. In the days immediately following the Russian invasion, an alliance made up of the European Union, the United States, the United Kingdom, Canada, Australia and Japan adopted unprecedented sanctions not only against Russian state entities and financial institutions but also against the inner circle to Putin and those held responsible for actions facilitating the invasion of Ukraine. Reason why Russian oligarchs park their assets in Türkiye.
But not only. Russia's Scrooges - who have lost tens of billions of euros since the outbreak of the conflict - have started investing their money in the real estate sector in Türkiye and the United Arab Emirates. Those looking for a home for their families, those who buy houses, villas or land to secure their possessions. This was stated by several Dubai real estate brokers, who showed properties to representatives of Russian billionaires.
An ambiguous position, that of Turkey, which has aroused criticism from several countries that are applying severe sanctions to Russia despite the collateral effects within their own economy.
The Russian oligarchs and their super yachts
While civilians flee for survival in Ukraine, Russian billionaires flee on luxury yachts and private jets to another destination: Turkey. This thesis is supported by the sanctioned Russian oligarchs themselves, who already see Turkey as a safe haven. For example, according to the British news agency Reuters, the oligarch's 73-metre (239,5-foot) yacht Clio Oleg Deripaska, founder of Russian aluminum giant Rusal, was spotted off the coast of Göcek in the Aegean coastal province of Mugla. The Cayman Islands-flagged vessel remained in a bay off Göcek.
Two super yachts linked to the Russian-Israeli multibillionaire have also peeped out in the waters of the former Ottoman Empire Roman Abramovich, one in Marmaris and the other in Bodrum, while last month his private jet was also seen in Istanbul.
Even the yacht Universe of the former president of Russia, Dmitry Medvedev, under the Cayman Islands flag, is docked in Marmaris, while the Cook Islands-flagged Polaris, owned by Maxim Shubaev, chairman of the board of the construction holding company, Setl Group, is at anchor in the Aegean tourist bay, Gocek's Skopea.
War and sanctions: the role of Türkiye
NATO member Turkey shares a maritime border with both Ukraine and Russia in the Black Sea, has good ties to both and has acted as a mediator in the continuing conflict. But he continues to have an "ambiguous" attitude. While she condemned the Russian attack by supplying drones to Kiev's army, she did not expressly do so for the massacres of civilians and refused to sanction Russia and its Scrooges.
On Friday April 15, 2022, a Ukrainian diplomat said that his country is working with Turkey for more support and understands – although he is not satisfied, reports Reuters – the reality of Ankara's parallel ties with Moscow.
A scheme that is bringing a breath of fresh air to the turkish economy, which is on the ropes from inflation and from devaluation Turkish lira. After all, Turkey desperately needs foreign currency which to protect the local currency, has squandered its reserves, reaching in December 2021 the lowest level since 2002, standing at 8,63 billion dollars. The government needing billions of dollars by 2022 to repay its external debt, welcomes it regardless of the source in order to attract foreign currency and increase the amount of money in the country's financial system.
