Published: July 2026
Author: Center for the Study of Democracy

The Center for the Study of Democracy’s Policy Brief No. 165 examines how Russia’s offshore financial architecture has adapted – not collapsed – under post‑2022 sanctions, becoming more fragmented, opaque and strategically embedded across European legal and financial systems.

Drawing on new analysis of ownership networks, conduit jurisdictions, and alternative payment channels, the brief shows how this offshore system continues to enable sanctions evasion, preserve Kremlin-linked control and generate illicit financial flows, including the USD 31 billion measured across Western Balkan and Black Sea states in 2023.

Download the Policy Brief: Unplugging Illicit Offshore Architecture

Access the accompanying Working Paper: Strategic Corruption: The Nexus Between Russian Illicit Financial Flows and Offshore Finance

Read more about the associated research project: Building Institutional Resilience to Global Illicit Financial Flows as Enablers and Drivers of State Capture

Policy brief cover titled “Unplugging Illicit Offshore Architecture,” published July 2026 by the Center for the Study of Democracy. The layout includes a summary box labeled “Key Points” outlining findings on Russia’s offshore financial networks, sanctions impacts, illicit financial flows, and enforcement priorities. Logos for ACE, the University of Sussex, CSC, and Global Research and Technology Development appear at the bottom alongside a funding disclaimer.