Economics

For Russian Billionaires, A Full-Scale American Retreat

For Russian Billionaires, A Full-Scale American Retreat

Russian billionaire Mikhail Prokhorov caused a stir among sports fans this week with news that he might sell his majority stake in the Brooklyn Nets basketball franchise. But the $1.3 billion New York City property isn’t the only thing Prokhorov, the 12th-richest man in Russia, is backing out of. He and other wealthy Russians are suddenly…