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Sanctions against Russia depress Moscow rental income

European, US companies have pulled workers out of the country; rouble down 11% against euro

Foreigners account for 66 per cent of high-end property in Moscow, where demand has dropped 10 per cent in the first nine months of this year, according to Intermark Savills.


TIMUR Pankov was effectively living rent-free in Paris nine months ago, because the cost of his apartment was covered by the income from his Moscow property.

Russia's incursion into Ukraine has made the arrangement a lot less attractive.

The rouble has slumped by 11