Network of wealthy Russians has sunk $100m into Donald Trump’s luxury developments

Russian buyers have spent nearly $100 million on Donald Trump’s luxury property developments, a new investigation has revealed. The US President has repeatedly insisted that he has no significant business interests in Russia, at a time when his ties to the country are under intense scrutiny.

He told a press conference last month: “I own nothing in Russia. I have no loans in Russia. I don’t have any deals in Russia.”

However, Reuters has found that as many as 63 people with Russian passports or addresses bought $98.4 million-worth of property in seven Trump luxury towers across America.

The real number of Russian investors may be higher, as many of the properties were purchased through ‘limited liability companies’, which allow the owner to conceal their identity.

Nearly a third of the 2044 units within the seven Trump residential towers are owned by limited liability companies

Source: Network of wealthy Russians has sunk $100m into Donald Trump’s luxury developments | The Independent