[late]

"Filip Novokment, Thomas Piketty and Gabriel Zucman have pointed out that Russia has run huge trade surpluses every year since the early 1990s, which should have led to a large accumulation of overseas assets. Yet official statistics show Russia with only moderately more assets than liabilities abroad. How is that possible? The obvious explanation is that wealthy Russians have been skimming off large sums and parking them abroad.

The sums involved are mind-boggling. Novokment et al estimate that in 2015 the hidden foreign wealth of rich Russians amounted to around 85 percent of Russia’s G.D.P.

Another paper co-written by Zucman found that in Russia, “the vast majority of wealth at the top is held offshore.” As far as I can tell, the overseas exposure of Russia’s elite has no precedent in history — and it creates a huge vulnerability that the West can exploit.

But can democratic governments go after these assets? Yes. As I read it, the legal basis is already there, for example in the Countering America’s Enemies Through Sanctions Act, and so is the technical ability. Indeed, Britain froze the assets of three prominent Putin cronies earlier this week, and it could give many others the same treatment.

So we have the means to put enormous financial pressure on the Putin regime (as opposed to the Russian economy). But do we have the will? That’s the trillion-ruble question.

What this means is that taking effective action against Putin’s greatest vulnerability will require facing up to and overcoming the West’s own corruption.

Can the democratic world rise to this challenge? We’ll find out over the next few months."
https://www.nytimes.com/2022/02/24/opinion/russia-ukraine-sanctions-offshore-accounts.html

I have read about our ability to go after money hidden abroad. It's not hard, and it's within the law. But the rich don't want it, because billions are parked outside the country dodging taxes.

[Patrickov]

I suspect people who think Putin cares about his wallet most got it all wrong.

From his actions, there are apparently other things threatening his place and/or life more than his wallet, and apparently they are not something the West has a hand in.

I suspect the moment that Biden says the US is not going to war with Russia, it is lost. But unfortunately this is how things go.

EDIT: I am not saying Biden should do something else. This is not desirable but I understand it is inevitable. Unless the situation is so bad that nuclear winter is to happen anyways.

[BlutoSays]

[late]

I suspect people who think Putin cares about his wallet most got it all wrong.

From his actions, there are apparently other things threatening his place and/or life more than his wallet, and apparently they are not something the West has a hand in.

I suspect the moment that Biden says the US is not going to war with Russia, it is lost. But unfortunately this is how things go.

EDIT: I am not saying Biden should do something else. This is not desirable but I understand it is inevitable. Unless the situation is so bad that nuclear winter is to happen anyways.

Biden has gone a lot further than Bush or Obama. He's also done a good job at herding cats, ie, our allies.

The ruble is crashing, that means inflation is likely, and extreme levels of inflation are entirely possible. This is going a lot better, and a lot faster, than I expected. I am waiting for some numbers so I can say something I've wanted to say for a week..

[BlutoSays]

[Independent_Srpska]

I read this morning's statements of FM Lavrov - he said they were ready for economic sanctions, but they are surprised by sanctions for sportsmen, journalists, cultural workers.
So, pretty much re wallet thing - they accounted for.