Will Africa become Russian oligarchs’ haven to hide money?

Financial flows.

As more countries impose sanctions and Russian oligarchs run out of places to hide their money, Africa could become the next option. PHOTO | FILE

During the last decade, Russia has expanded its interests and presence in Africa by investing in the mining sector and increasing military support to fragile states, primarily through private military contractors and mercenaries. One of Africa’s most prominent private military groups is the Wagner Group, believed to be financed by one of Russian President Vladimir Putin’s closest allies, Yevgeny Prigozhin, who is currently facing sanctions. This group is active in several fragile states, including Libya, Mali, the Central African Republic (CAR) and Sudan.

As the war in Ukraine rages on, several countries have targeted Russian elites through sanctions, freezing and seizing their assets. Africa faces two possible scenarios that could occur as a result of the tightening of these regulations.