The latest sanctions, especially out of the EU, are a statement that this oligarchic wealth will no longer be tolerated. And they’re not just punitive. For years, elite Russian money has been distorting Western markets such as real estate, flooding the industry with suspect or illicit wealth and driving up prices. At a minimum, blocking this oligarchic wealth will help block these largely anonymous flows and slow spiraling costs.
The penalties are also a phenomenal soft power tool, a form of justice for regular citizens in Russia (and elsewhere) who have watched oligarchs use their political connections to feast on funds that should have otherwise gone to schools or hospitals.
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