Wednesday, Jun 29, 2022
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Putin holds assets worth USD 4.5 bn: Report

IFM-Putin-assests-image
Vladimir Putin has often been criticized for accumulating a huge amount of wealth by taking advantage of his presidency.

There has always been speculation about the total net worth of Russian President Vladimir Putin and how many properties he owns. Recently, The Guardian reported on a digital trail which reveals that Putin has USD 4.5 billion worth of assets.

The report further shows that Putin is often gifted yachts, palaces, and vineyards by his friends and oligarchs. The trail shows how all the individuals, companies, and charities are linked through a common email domain name, LLCInvest.ru.

LLCinvest is a domain on a server operated by Moskomsvyaz, a telecom business with close ties to Bank Rossiya, rather than a regular email service accessible to the general public like Yahoo.

The US Treasury refers to the St. Petersburg bank as “the personal bank for senior leaders of the Russian Federation” and is subject to western sanctions.

The Guardian had also got access to leaked snapshots of the email exchanges between the administrators who handle the entities in charge of the assets which were linked to Vladimir Putin.

The findings were studied by an anti-corruption expert in Russia who states that the evidence collected from the digital paper hints toward a level of “common management”.

He stated the common email domain name, LLCInvest.ru seems more like an association where members can exchange benefits and property.

Putin has often been criticized for accumulating a huge amount of wealth by taking advantage of his presidency but all this has been denied by the Kremlin.

According to the documents, there were 86 businesses and nonprofit organizations that were allegedly connected to the enormous riches. The Organized Crime and Corruption Reporting Project (OCCRP) and the Russian-language news outlet Meduza carried out the investigation.

As per the OCCRP, at least five properties have been found under the domain name LLCinvest.ru and appear to be in use, these include:

A USD 1 billion residence was allegedly constructed for Putin’s personal use in Gelendzhik on the Black Sea, according to Alexei Navalny.

Around the Gelendzhik, the palace is acres of vineyards. According to Navalny, Putin’s “hobby” of owning wineries has gotten out of hand. A non-profit organization created by two Putin associates owns the vineyards that surround the palace.

The 2013 wedding of Putin’s daughter took place at the Igora ski resort in the Leningrad region. A residence dubbed “Putin’s Dacha” by locals is located north of St. Petersburg. The Fisherman’s Hut is a wood-clad structure located north of St. Petersburg.

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