Russia's ailing economy suffered yet another devastating blow, with several billionaires moving their money out of the country amid Moscow's devastating invasion of Ukraine.

According to Forbes' latest list of the wealthiest billionaires, 24 Russians have ditched the Russian flag and instead presented as citizens of other European and Asian nations. In total, the Russian billionaires took a combined $110billion (£85billion) in wealth out of the country. Kyrylo Shevchenko, former Chief of the National Bank of Ukraine, highlighted this on X.

He said: "24 billionaires once hailed as Russian have quietly rebranded themselves abroad — taking $110bn (£85bn) in combined wealth with them. In the latest Forbes ranking, they no longer appear under the Russian flag.

"Instead, Alexei Kuzmichev is now listed as French with $7.5bn (£5.8bn), Petr Aven has become Latvian with $4.7bn (£3.6bn), and Yelena Baturina shows up as a British entrepreneur worth $1.3bn (£1bn). Switzerland has emerged as the top refuge, now home to names like Mikhail Prokhorov and Yegor Kulykov.

"Others have opted for the UAE, Uzbekistan, and Monaco. This mass rebranding isn’t just cosmetic — it’s a calculated retreat from the political and financial risks of Russian citizenship post-invasion.

"While Russia’s billionaires collectively reached a record $625.5bn (£485bn) in wealth, at least six have formally renounced their passports. #Sanctions bite — but wealth, influence, and golden visas still do the talking."

Numerous reports in the last three years have shown the eagerness of Russian oligarchs to move their wealth and assets out of Russia as Western sanctions bite.

In June 2022, Henley & Partners estimated in their research that more than 15,000 millionaires were expected to flee Russia in the first year of the war.

London Business Schools Professor Richard Portes warned last year the sanctions themselves are not the biggest issue facing the Russian economy. He instead warned the 'brain-drain' of wealthy and talented Russians leaving the country would have bigger ramifications.

According to his research, Russia lost nearly $42billion (£32billion) in 2022 as Russians transferred their personal savings abroad.

The Russian economy has endured wider issues since the start of the invasion of Ukraine. The Russian Central Bank has hiked interest rates to 21% to try and curb rampant inflation.

Food prices have risen most notably, with some products now more expensive by tens of percent compared with last year. Potatoes, according to Russian media, have seen price rises of over 90% in that period.

However, US President Donald Trump's efforts to secure a quick ceasefire deal between Russia and Ukraine could have a major impact on Moscow's economy.

Mr Trump has suggested the US and Russia could reach lucrative economic deals if a ceasefire is agreed. However, last month, he also threatened to devastate Russia's economy if a deal is not agreed.

He said: "There are things you could do that wouldn’t be pleasant, in a financial sense.

"I can do things financially that would be very bad for Russia, would be devastating for Russia. But I don’t want to do that because I want peace."