Putin’s “Billions” In Hidden Wealth De-Fang US, EU Financial Sanctions

It’s a question that has long plagued ordinary Americans and Russians, as well as the US Treasury Department: how much hidden wealth does Russian President Vladimir Putin actually hold?

Before 2016, the personal wealth of the Russian leader was shrouded in mystery, but a series of leaks from inside the law firms and banks that dominate “offshore” finance – including the 2016 Panama Papers and the Pandora Papers released in October 2021 have offered some clues that the president’s vast wealth stretches well beyond Russia’s borders. The only problem is that, since most of this “hidden wealth” is officially registered in the names of others (often close friends and even former lovers of the Russian president whom he has known for years) it makes it difficult for US sanctions to truly be effective.

Officially, Putin earns about $140K per year (much less now given the moves in the ruble in FX markets), and owns a modest apartment in Moscow. But several  assets believed to belong to the Russian president, including a yacht known as “Putin’s yacht” and a massive, billion-dollar dacha on the Black Sea known as “Putin’s palace”, have now been widely publicized.

Let’s start with the palace.

Details about Putin’s Black Sea palace were first publicized by imprisoned Russian dissident Alexei Navalny. The palace includes a movie theater, strip club, palatial bedrooms, hot tubs, and much more.

Here are some photos originally published by Navalny’s organization and shared with Insider and the Associated Press:

All told, more than 400 photos of the palace’s exterior and interior have been published by Navalny. – READ MORE