"120 Trillion? 240 Trillion?"... Eyes on Putin's Assets Amid 'Western Countries' Sanctions'

Vladimir Putin, President of Russia (Moscow EPA=Yonhap News)

[Asia Economy Reporter Kim Heung-soon] As the United States and other Western countries have placed Russian President Vladimir Putin, who ordered the invasion of Ukraine, under sanctions, The New York Times (NYT) reported on the 26th (local time) that his hidden wealth is estimated to exceed $100 billion (about 120 trillion won).

In its report, the NYT stated that the ownership of the massive mansion on the Black Sea coast, known as "Putin's Palace," estimated to be worth over $1 billion (about 1.2 trillion won), has a history of being connected to President Putin in various ways. Also, the luxury yacht "Graceful," valued at $100 million (about 120 billion won), is referred to as "Putin's yacht."

According to the so-called "Pandora Papers," documents exposing tax evasion and corruption of famous global figures by the International Consortium of Investigative Journalists (ICIJ), a woman reported to be President Putin's lover is estimated to have accumulated assets worth $100 million (about 12 billion won), including owning a $4.1 million (about 490 million won) apartment in Monaco. Additionally, there is an expensive villa in southern France connected to President Putin's ex-wife.

British hedge fund investor Bill Browder testified before the U.S. Congress in 2017 that President Putin's wealth could reach a total of $200 billion (about 240 trillion won). Anders ?slund, an associate professor at Georgetown University and author of "Russia's Crony Capitalism," analyzed that President Putin's wealth is about $125 billion (about 150 trillion won), much of which is likely hidden in offshore havens under the names of Putin's friends or relatives.

Sergei Kolesnikov, a businessman who became a whistleblower from Putin's inner circle, claimed in an open letter sent to then-Russian President Dmitry Medvedev in 2010 that President Putin was building a massive private estate on the Black Sea coast called "Putin's Palace," and that the money he amassed through corruption, bribery, and theft exceeded $1 billion (1.2 trillion won).

However, Paul Massaro, a senior adviser at the Organization for Security and Co-operation in Europe (OSCE) who has advised the U.S. Congress on Russian sanctions, told the NYT that it is unclear which assets will be affected by the current sanctions. Nevertheless, he pointed out that if the U.S. imposes sanctions on whatever it can by limitedly identifying President Putin's wealth, it will impact those who receive it, making it valuable even on its own.

A European diplomat also emphasized the symbolic value of the sanctions, calling them a "politically significant signal."

This content was produced with the assistance of AI translation services.