Superyachts, Seaside Apartments and Suitcases Full of Cash: Russians Pour Money Into Turkey
ISTANBUL—Turkey is fast becoming a haven for Russian money, from oligarchs parking their superyachts on the country’s shores to young dissidents and tech workers flying from Moscow with cash in suitcases.
The influx of Russian money highlights how Turkey has opposed the invasion of Ukraine while acting as an intermediary between the two countries. The strategic U.S. ally and NATO member state has condemned the invasion and sold weapons to Ukraine while choosing not to impose sanctions on Russia, a decision that also shields Turkey’s economy from the worst of the fallout from the war. Turkish leaders have also acted as mediators in the crisis.