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sunny isles beach
Sunny Isles, Florida, is a favorite among the Russian elite.Meinzahn/Getty Images
  • Thanks to the many Russian elite who live there, the Florida town of Sunny Isles is known as Little Moscow.

  • They are worried that sanctions could prevent them from buying real estate.

  • Experts say they won't be impacted.

Little Moscow or Moscow by the Sea is the name of the area in Florida where Russia's wealthy and elite have purchased so much luxury property.

Lana Bell, a Russian real estate agent, told News Nation correspondent Brian Entin on Monday that they love to be here and like to spend their money.

Russia's elite and their families were targeted by President Joe Biden this week, as well as the Kremlin's ability to access Western financial institutions. Bell said that it hasn't been a problem so far, despite people in Little Moscow worried about the conflict threatening their lifestyle and blacklisting them from buying American real estate. The sanctions currently in place are unlikely to have a strong affect in South Florida, according to experts. On Thursday, the tensions were shown to be far from over when Russia invaded Ukraine.

The National Security Council is extending the reach of US sanctions to prevent the elites close to Putin from using their kids to hide assets.

The author of "Russia's Crony Capitalism: The Path from Market Economy to Kleptocracy" doesn't think this will affect the Russian rich in the greater Miami region. He told Wilner that the Russians in Miami are not powerful enough to feel the sanction burn.

He said that these people are more comfortable than the top people.

Florida's Russian rich

Condominiums can cost as much as $35 million. The most expensive home in the area is currently on the market. The Washington Post reported that the Trump brand was popular among Russian investors who were looking to move their money into the post-Soviet economy.

Russian speakers bought a third of the 500 units that Jose Lima sold for the company that developed the region's Trump towers.

Russian influence goes beyond Sunny Isles. Russians have spent years snapping up properties along the southeastern coast of Florida. It is not all related to dirty money, experts told Wilner. Russia's elite have more than $1 trillion in offshore accounts, which they say is held in South Florida property.

Russia's richest billionaires have been hit the most by the conflict. The richest 22 of them lost $39 billion in one day.

While many of the "Little Moscow" Russians didn't want to be identified, they did tell the News Nation reporter off camera that they support Putin.

The original article is on Business Insider.

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