Putin, Asset Owner Worth Over 5 Trillion Won... Resorts and Villas Provided by Russian Tycoons Owned

"Managing Hidden Assets Through 86 Companies... Using Common Email Domain"

Russian President Vladimir Putin is reported to have assets worth approximately 5 trillion won, including real estate and cash.
[Image source=Yonhap News]

[Asia Economy Reporter Park Hyun-joo] Claims have emerged that Russian President Vladimir Putin possesses assets worth 5 trillion won.

On the 20th (local time), the British daily newspaper The Guardian reported that evidence has surfaced suggesting President Putin holds assets including real estate and cash valued at $4.5 billion (approximately 5.82 trillion won).

The hidden assets attributed to President Putin by The Guardian include ski resorts, luxury villas, yachts, and wineries, all reportedly provided to him by Russian oligarchs (newly wealthy tycoons). This finding was confirmed after a year-long investigation by the Organized Crime and Corruption Reporting Project (OCCRP), formed by major global media outlets such as The Guardian and France's Le Monde, along with the Russian independent media outlet Meduza.

According to The Guardian, the 86 companies and nonprofit charitable organizations holding and managing these assets share the commonality of using the email domain 'LLCInvest.ru.' LLCInvest is a private email account domain hosted on servers owned by the telecommunications company Moskomsvyaz, which The Guardian explains has close ties to Rossiya Bank, a target of U.S. Treasury sanctions.

The Guardian also reported that the ultra-luxury villa in the Black Sea resort city of Gelendzhik, previously known to be owned by Arkady Rotenberg, a billionaire friend of Putin, also had a parent company director using LLCInvest.ru. The villa is valued at ?1 billion (approximately 1.5873 trillion won).

Among the $4.5 billion in assets is a large amount of cash. The Guardian reported that there is 17 billion rubles (approximately 403 billion won) in a deposit account under the name Agricultural Initiative Development, 20 billion rubles (approximately 474.2 billion won) in a long-term deposit account under the name Investment Market Development, and about 5 billion rubles (approximately 118.5 billion won) in short-term deposits.

However, the Kremlin spokesperson reportedly denied the report, stating that "President Putin has no connection whatsoever with the entities and organizations identified by The Guardian."