We study how Russian oligarch-affiliated companies operate globally and respond to sanctions. We construct a dataset tracking 71 companies, 1,800 international subsidiaries, and their institutional investors between 2009 and 2023. These companies maintain extensive networks, especially in tax havens. Difference-indifferences estimates show that the 2014 and 2022 sanctions had limited impact on the companies' global footprint or access to institutional minority investors. Instead, oligarch companies use more tax haven entities and withdraw from jurisdictions with beneficial ownership disclosure. Our findings highlight how organizational complexity and regulatory arbitrage undermine sanctions, suggesting that globally coordinated transparency regulation is critical for enforcement.
