A video created by former opposition leader Alexei Navalny, who died in February 2024 and is widely believed to have been murdered by the Russian authorities, featured an opulent palace by the Black Sea that was allegedly financed by billionaires close to the President as a 'bribe'. Navalny also alleged that Putin is obsessed with money and has plotted to steal the nation's wealth.

Putin denied that the palace belonged to him and described the video as a "compilation and montage". The Pandora Papers have linked the financial affairs of his inner circle to secretive business operations in Monaco, which has reportedly become 'Moscow-on-sea' for wealthy Russians keen to avoid tax.

These include Svetlana Krivonogikh, Putin's alleged mistress, who has apparently amassed a secret $100 million (£74m) fortune. Russian spokesperson Dmitry Peskov said the claims in the Pandora Papers were "unsubstantiated".

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