Inside the Hunt for Russian Oligarchs’ Luxury Apartments

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Inside the Hunt for Russian Oligarchs’ Luxury Apartments
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Russia’s invasion of Ukraine has amped up efforts to find the places where Russian elites have parked their cash. KevinTDugan reports on the difficulties U.S. authorities face in seizing the condos, yachts, and private jets of Russia’s wealthiest magnates

Photo-Illustration: Intelligencer; Photos: Sasha Mordovets/Getty Images; Google Maps Unit 56D in Three Lincoln Center, a residential tower down the block from the Metropolitan Opera House, is a luxury three-bedroom condo valued at more than $3.2 million. It wraps around one of the tower’s corners, offering sweeping views of Central Park, the Hudson River, and the lower half of Manhattan.

“He plays that propaganda role,” said Dmitry Valuev, who for the past year has been quietly hunting Russian oligarch money in the U.S. with a group of roughly 25 volunteers. Valuev — who discovered Gergiev’s apartment in public filings — became interested in the flow of Russian money in 2009, when the global economy was still recovering from the blowup of U.S. subprime mortgages.

Valuev and his “militia,” as he calls his volunteers, have found more than an estimated $450 million in assets belonging to Russian business and cultural leaders by trawling through public databases, deleted Russian news articles, and other pools of public information that can give clues to where Putin’s closest confidantes have stashed their money.

Since the publication of the Panama Papers in 2016, what’s come into clearer focus has been how dark money has been used to reward those in power, including people like Sergei Roldugin, one of Putin’s closest friends. Economists Gabriel Zucman, Filip Novokmet, and Thomas Piketty estimated in a paper that, as of 2015, Russia’s offshore wealth was roughly equal to what was within the country, a direct cause of widening inequality in the country.

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