Inside the matrioska: the firms controlled by sanctioned ‘oligarchs’ across European regions and sectors

There are almost 31 thousand firms in Europe with Russian beneficial owners. 1400 of them are controlled by 33 individuals subject to recent sanctions – the so-called ‘oligarchs’. Real estate, construction, hotels, the financial and energy sector prevail. In terms of countries, Germany, United Kingdom, Cyprus, the Netherlands, Luxembourg and Austria host most of oligarchs’ firms. The value of these firms is higher than 440 billion US dollars (total assets, book value).