On Sunday evening, the superyacht Nirvana was parked in the exclusive marina Mina Rashid in Dubai. The ship, which is almost 90 meters long, with a value of around three billion kroner, is owned by Russia’s second richest man, the nickel magnate Vladimir Potanin. Potanin is under British and American sanctions but they cannot access his yacht because Dubai has not agreed to any sanctions against Russia.
Dubai-based lawyer David Slim works as an advisor to a range of governments, authorities and companies regarding US sanctions regulations. The marina is just a quarter of an hour from his office. He notes that there are many Russian-owned luxury yachts in Dubai.
– There are many in all the Gulf states and in other countries. There are many in Europe but people don’t know they are there. They are registered in other names and the names of other owners, but ultimately they are owned by Russians, says David Slim.
The American Helsinki Committee has estimated that the equivalent of more than SEK 2,000 billion in Russian money is hidden in Swiss banks alone.
Getting help from banks
According to David Slim, the oligarchs are also helped by banks in the Gulf states, in Brazil and in China to hide their money and assets in, among other things, real estate, companies, cryptocurrencies, exclusive watches, art and jewelry.
– They use intermediaries and people they trust who may not be Russian and they establish foundations, he says.
According to David Slim, most sanctioned oligarchs are under financial stress. But after all, they can live a pretty good life.
– They have a pretty decent life if you look at how they live, where they live, their cars, clothes and lifestyle. They live a better life than you and I, that’s for sure.