Posted on 02/27/2022 5:02:04 AM PST by EBH
WASHINGTON (AP) — The term Russian oligarch conjures images of posh London mansions, gold-plated Bentleys and sleek superyachts in the Mediterranean, their decks draped with partiers dripping in jewels.
But the raft of sanctions on oligarchs announced by President Joe Biden this week in response to the invasion of Ukraine may do little to dim the jet-setting lifestyles of Russia’s ultra-rich and infamous – much less force a withdrawal of tanks and troops.
U.S. sanctions target Russian President Vladmir Putin and a handful of individuals believed to be among his closest security advisers, including Foreign Minister Sergey Lavrov. But the list is just as notable for who isn’t on it — most of the top names from Forbes’ list of the richest Russians whose multi-billion-dollar fortunes are now largely intertwined with the West, from investments in Silicon Valley start-ups to British Premier League soccer teams...
...A 2017 study of Russian oligarchs published by the U.S.-based National Economic Bureau estimated that as much as $800 billion is held by wealthy Russians in the United Kingdom, Switzerland, Cyprus, and similar offshore banking centers. That vast fortune, held by a few hundred ultra-rich individuals, is roughly equal to the wealth of the entire rest of the Russian population of 144 million people.
Some oligarchs have also obtained dual citizenship in Britain and other Western countries, adding legal complications to attempts to unilaterally seize their assets.
(Excerpt) Read more at apnews.com ...
Russia can void and sell off the intellectual property within Russia of Western companies with a few strokes of Putin’s pen.
Drugs that a US company might want to sell for $2000 a dose might sell in Russia for 50 rubles a dose. Third World citizens might flock to Moscow for cancer treatment.
From my viewpoint, the sanctions are all on the American people. Well, the ones who are not rich or part of the ruling class.
What is the term I am looking for?
Oh yeah, the American oligarchs.
As soon as I saw that there were no sanctions on Russian oil and gas, I knew it was empty threats.
60% of Russian exports are oil/gas. Not hitting that means you are not hurting Russia.
This is the fault of the environmentalists and EU who dismantled their power plants and made deals for Russian oil/gas pipelines, enriching a few politicians along the way.
Exactly as Trump said in 2018, now the EU is hostage to Russian energy.
Only actual profits could be held offshore, after paying Russian income tax, which has a top rate of 13% I read.
I read that there are no sanctions on Italian luxury goods either.
First they came for the property of rich Russians....
Also, I suspect almost all these rich guys do not favor the invasion. Money making is a first priority for them.
Its a Joke, a sad one, truth is Putin will survive the sanctions, its a damn joke.
Got to get rid of Zelinsky and those Hunter Biden Burisma files somehow.
My thoughts, exactly.
The joke is that we think economic sanctions hurt tough people like Russians and Chinese.
Only decadent westerners break down when their Christmas presents are not delivered on time.
Nations like Russia and China live on principles that are more important than economics.
Decades of sanctions on North Korea has done nothing.
Please show me a time when sanctions actually worked against hard nations.
Alligator mouth...gerbil stones
Alligator mouth...gerbil stones
The authors of this article show their moral depravity. The sanctions are intended to hit Putin and his advisors and helpers precisely because they are who they are. Sanctioning rich people simply because they are rich would only make sense to an amoral thief. (So, to the extent it is just to seize assets from an enemy pro-Putin newscaster, it would also make sense to seize assets from the enemies of liberty who are the authors of this very article.)
If they only had gotten citizenship in Canada, Justin and Mini-Me would have solved the issue…..
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