As the conflict in Ukraine continues, tens of thousands of Russians have left their country since the start of the war. Fleeing the sanctions applied by the European Union, some, in particular…

War in Ukraine: in Thailand, Phuket becomes the refuge of the ultra rich Russians

Patong, one of Phuket's most popular resorts.

Getty Images - Adisorn Fineday Chutikunakorn

Text by: RFI Follow

3 mins

As the conflict in Ukraine continues, tens of thousands of Russians have left their country since the start of the war.

Fleeing the sanctions applied by the European Union, some, especially among the richest, prefer other destinations, such as Phuket in Thailand, where many of them arrive, for holidays, to party, but now also to do business.

With our correspondent in Phuket

Carol Isoux

On the outside deck of a sparkling yacht, on the turquoise waters of the Andaman Sea, they are about twenty Russians drinking French white wine facing the sunset.

The organizer of these luxury parties is called Dennys Dudariev.

He is Ukrainian, former owner of a nightclub in kyiv, but he must put his personal feelings aside because 80% of his clientele is Russian, and since the beginning of the conflict, his business has taken off.

“

I have noticed that there are a lot of ultra-rich people who have arrived here since the start of the war, for about a month,

describes Dennys Dudariev.

They made a fortune in Russia or Ukraine, or

[became]

millionaires

[thanks to]

cryptocurrencies.
Recently I had some big events to organize for Russians who had just arrived.
Private parties, where we are not allowed to take a picture.
Yesterday was a birthday party in a villa, almost 10,000 euros per evening.
They love Aladdin-like themed evenings, with dancers and magicians.
What works best is the Gatsby parties, the women in evening dresses, in high heels, the men in tuxedos, candles, gold everywhere… Gatsby, they love… Every year I organize about ten of them

But while they apparently know how to have fun, these super-rich aren't just in it for fun.

Fleeing European sanctions

, seizures and a Western market now perceived as unstable, more and more of them would want to invest their money in

Thailand

and Asia.

►To read: War in Ukraine: the yachts of the Russian oligarchs in the crosshairs of Europeans

This is observed by Janna Sviritkova, head of a real estate agency specializing in luxury villas in Phuket.

For her, there are two types of Russian investment today: "

some Russians now want to repatriate their money to Russia, because with the departure of big companies like McDonald's or Coca Cola, there is room to business with a very fast growth rate, since there is already a customer base, there are already people who are ready to drink coke, they already have the concept, just make a Russian-style Mac Donald,

she explains.

Others want to invest in real estate in Asia, because, say, there is a common perspective.
They want to have reserves in Thai baht or other Asian currencies, because we don't know what the sanctions will do in Europe, and these currencies are more stable than the ruble

Russian businessmen and women would therefore be more inclined to Chinese or Southeast Asian partnerships, with the risk, analysts warn, of seeing the emergence of an Asian trading bloc more independent of Western powers and new oligarchs.

War in Ukraine: in Thailand, Phuket becomes the refuge of the ultra rich Russians

War in Ukraine: in Thailand, Phuket becomes the refuge of the ultra rich Russians

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