The EU and US sanctions against Russia are putting pressure on Western banks to part with sanctioned Russian customers. Most credit institutions follow the guidelines. Otherwise, the board members must expect to be arrested on their next trip to the US. The US is tough on sanctions breakers. Even Swiss banks are now slamming the door in the face of their wealthy clients close to the Kremlin. And if in doubt, pay their former favorite customers in cash. Which is often not so easy with the amounts in the millions that are managed.
German security authorities have meanwhile gained initial insights into how dubious lawyers in this country are helping rich Russians to get their money to safety. The simplest way: They provide their clients with legal trustee accounts, manage the money – and collect three to five percent commission in return. However, this only works if the money was already in accounts outside of Russia. This is a construct that nefarious legal representatives have already used successfully during the Iran sanctions. The Russian money is initially safe in the escrow accounts, but working with it over the long term is likely to be difficult.
Really rich Russians and those on the EU or US sanctions lists are likely to prefer the “oligarch variant.” Apparently there are lawyers who can get Putin’s billionaires an Israeli passport, even at short notice. With an Israeli passport, it is possible at any time to open accounts in Switzerland, for example, to which the sanctioned person can then transfer his money. For this, an oligarch does not even have to travel to Israel himself. The commissioned lawyers also take over this service. According to information from Western security authorities, some Israeli lawyers have already specialized in this type of business. Admittedly, the lawyers charge quite a bit for this all-round carefree package.
And then of course there is Dubai. The emirate is currently considered the safest haven for Russian money. Since the beginning of the war, many rich Russians have been drawn to the Gulf: free real estate in the corresponding luxury class is difficult to obtain – opening an account there, of course not in your own name, but through a Dubai company, is easy.