Russian buyers spent almost $100 million in President Trump’s new luxury developments, revealed a recent investigation by Reuters.
The president repeatedly maintained that he does not have any significant business ties in Russia, during a time that sees his connections to the nation under severe scrutiny.
He said in one of his press conferences a month prior: “I own nothing in Russia. I have no loans in Russia. I don’t have any deals in Russia.”
Investigation and Revelations
However, a Reuters investigation found that around 63 individuals with either a Russian address or passport purchased $98.4 million of property inside seven of Trump’s luxury properties throughout America.
The actual number of investors from Russia may be significantly higher, but many of his properties had been purchased through companies that are ‘limited liability’, so the owner’s identity is concealed.
Almost one-third of 2,044 units in seven residential Trump towers have been registered by these limited liability corporations.
Buyers From Russia
Buyers included the creator of one investment bank in St. Petersburg, along with other businessmen with political connections.
Among the many investors included Alexey Ustaev, president and founder of Viking Bank based in St. Petersburg, which is one of Russia’s very first private investment banks after Communism fell. He bought an apartment worth $1.2 million in Trump’s Palace complex located in Florida.
Another buyer named Alexander Yuzvik used to be a senior executive in Spetstroi, a construction company owned by the state.
Yuzvik was previously involved in the construction of projects in Moscow’s training college for the FSB, the nation’s civilian intelligence service that became the successor of Russia’s KGB, in addition to GRU, Russia’s intelligence service for the military.