Russian oligarch wealth is on the hunt for a new home, and Turkey is quickly establishing itself as a welcome host.
While strongly criticizing Moscow's unprovoked invasion, it has stopped short of implementing sanctions like those imposed by the U.S., EU, U.K. and others, saying it opposes them on principle.
That makes it a legitimate outpost for assets belonging to sanctioned Russians. Indeed, an influx of foreign investment and luxury assets could provide a boon for the beleaguered Turkish economy, which slipped into crisis mode last September as unorthodox interest rate cuts pushed already spiraling inflation higher.
Last month, inflation soared to a 20-year high of 54.4% amid a crash in the lira and soaring commodity prices. Data fully reflecting the impact of the war are yet to be released."The ramifications are clear," he continued."Inflationary pressures are higher, destabilizing the Turkish economy. The fallout of sanctions will curtail or halt tourism from Russia and Ukraine, which accounted for about one-third of inbound tourism.
Still, there are opportunities for Turkey to shore up its economy and benefit from the movement of wealth from Russia without drawing political and economic ire.that have so far withdrawn from Russia, according to the Atlantic Council's Arslan.
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