High-profile cases of asset confiscation have heightened concerns among members of Russia’s elite that the state could seize their wealth or that they could lose their savings. This was reported by Bloomberg.

According to sources and documents, several billionaires recently moved additional assets out of Russia amid concerns about the condition of the banking sector.

According to sources, over the past year some of Russia’s richest people have seen a shift in the structure of their investment portfolios, which has accelerated in recent months, toward cryptocurrencies, gold, overseas real estate, and private investment funds, especially in the Gulf countries.

The methods Russian billionaires use to move capital abroad have evolved as Russians seek new ways to circumvent both Western sanctions and Kremlin scrutiny. Dubai’s status as a crypto hub has helped Russia’s elite move money between different jurisdictions. Other informal routes that are becoming increasingly popular have emerged in Armenia, Kazakhstan, and Kyrgyzstan.