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Russian oligarchs are moving to Israel: media reports

At least 7 rented private jets are suspected of carrying wealthy Russian oligarchs to Israel in an effort to escape sanctions imposed on Moscow

At least seven rented private jets are suspected of carrying wealthy Russian oligarchs to Israel in an effort to escape sanctions imposed on Moscow.

According to the Times of Israel, the planes originate from a company in Turkey that provides jets for hire in Europe.

Tracking data showed the planes made trips to Moscow and St. Petersburg, then from those cities to Tel Aviv.

This comes after several Russian oligarchs have been sanctioned by the US, UK and EU, resulting in them being cut off from the US financial system, with their assets frozen and property blocked off.

Israel has not joined the imposition of sanctions but has said oligarchs cannot leave their planes or yatchs on its soil for more than 48 hours.

"We will not give oligarchs on the sanctions list their yachts and airplanes in Israel. We must not be seen as a country used to evading sanctions," an official told Ynet.

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Despite the sanctions on Russia, the Bank of Israel has yet to issue instructions on how local banks should deal with Russian banks in general, and Russian oligarchs in particular, who hold Israeli bank accounts.

Channel 12 news on Friday reported that an inter-ministerial committee is set to give recommendations to the government this week regarding sanctions that Israel could impose against Russia.

It added that there is no legislation that would prevent oligarchs with Israeli citizenship from putting their money into bank accounts in Israel.

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