Wealthy Russians leave the country amid mounting sanctions

As the war between Russia and Ukraine rages on, the number of business jets leaving Russia increases. This exodus of the rich began as Russia started its invasion on February 24. The VVIPs spent no time and there was a spike in migration. As many as 60 private jets left Russia on February 25.

According to an open-source flight data platform, over 200 private jets left the country between February 24 and February 27. Global flight-tracking service Flightradar24 noted that around 1,000 private flights left Russia in February, with 300 alone during February 24-27. These flights flew to 135 destinations in 52 countries in February.

France, with 105 private jets landing, was the favourite destination followed by Switzerland with 104 flights and the United Kingdom with 71 flights. Warm weather destinations such as Cyprus and Maldives were quite popular too. Flightradar24 said that ports, financial hubs and close neighbours top the list of destinations.

Nice in France, Latvian capital Riga, Geneva, London, Vienna, Dubai, Helsinki, Zurich, Serbian capital Belgrade and the Estonian capital Tallinn were some of the most favoured destinations.

This exodus comes amid strict sanctions on Russian individuals and businesses. The Russian oligarchs and billionaires are set to take a huge hit as the EU and the US imposed sanctions on some of the richest Russians including Rosneft CEO Igor Sechin, businessman and co-owner of telephone operator MegaFon Alisher Usmanov, oligarch Petr Aven, co-founder of Alfa Group Mikhail Fridman and more.

Meanwhile, US President Joe Biden, during the State of the Union address on Wednesday, said that the US Department of Justice is forming a task force to go after the crimes of Russian oligarchs. “We are joining with our European allies to find and seize their yachts, their luxury apartments, their private jets. We are coming for their ill-begotten gains,” he said.

On top of that, rating agencies Fitch, Moody’s, and S&P have downgraded Russia's sovereign credit rating by six notches to "junk" status. The ratings have been impacted by Western sanctions that increased doubts over Russia's ability to service its debt and the impact on the Russian economy.

The above reasons are expected to be behind the exodus of the rich from Russia.

US Senator Bernie Sanders, who said on Twitter that Dmitry Mazepin and Alexey Mordashov have left the country, also appears to be pointing out the same trend. Mazepin flew over the New York area, while Mordashov, who is the third richest person in Russia, has been sailing in the Seychelles region for more than 10 days, said Sanders.

UK Secretary of State for Transport Grant Shapps said that Russian flights have been banned so that no Russian private jet can fly in the airspace or touchdown.

The US, EU and Canada have all banned Russian flights in their airspace.

The UK is also drawing up plans to seize properties owned by Russian oligarchs. British cabinet minister Michael Gove’s plans would apply to nine oligarchs, sanctioned by Britain, including Kirill Shamalov, Russia's youngest billionaire and Putin's former son-in-law. British Foreign Secretary Liz Truss has said she has drawn up a ‘hit list’ of Russian oligarchs and said the government would impose new sanctions on them every few weeks.

Also read: Russian oligarchs bear the brunt of Ukraine invasion

Also read: State of the Union address: Putin now isolated more than ever, says Joe Biden