Report reveals billions funnelled to Russian firms from shell companies based in Ireland

The International Financial Services Centre in Dublin. Picture: Billy Higgins

More than €118bn was funnelled from Ireland to Russia between 2005 and 2017, a new research paper from Trinity College has revealed.

Companies based in the International Financial Services Centre (IFSC) in Dublin raised funds for some of Russia’s most important state-backed and oligarch-controlled companies, who have previously been subject to economic sanctions and accused of criminal activity.