Might add the NBA Brooklyn Nets. My BS meter is clicking as I seriously doubt these Russian oligarchs would have their portfolio in rubles. They stashed their money in US $ or Euros long ago.
“They stashed their money in US $ or Euros long ago.”
Not so much the US, but London banks rolled out the red carpet for Russian billionaires years ago, as you said. In fact, Russians, Chinese and Arabs can buy English visas and financial protection by investing X number of pounds in the English economy.
In addition, Israeli billionaires work closely with their Russian Jewish counterparts in developing energy resources.
The entire article is BS, but that’s to be expected from the 50 IQ commie apes at CNN. The premise is nothing more than dog food for the drooling RINO Trotskyites.
” I seriously doubt these Russian oligarchs would have their portfolio in rubles. They stashed their money in US $ or Euros long ago.”
No doubt they are diversified and have some overseas properties and investments, in case they ever need to bolt. For many years, rich Russians have been buying up high end art, which is stored in the West and Far East.
Part of the drop in the ruble is due to capital flight, as the rich Russians rebalance their investments, to increase their overseas and foreign currency holdings, and to launder funds before any new sanctions might come after them.
New business investment in Russia is going to plummet for a while, with a nose-diving economy, sky-rocketing interest rates and and all the political and legal uncertainty. It is going to be a dramatic swing, and will drive extreme actions. This week’s rise in Russian interest rates by an additional 6.5%, up to 17%, is probably not the last huge measure that they will have to take.
Huge swings like that, and the currency devaluing by half in one year, are going to drive the need for dramatic political action as well. It is a crisis in Russia much bigger than the financial crisis was here.