The drama between the corrupt country of Russia and the equally corrupt country of Ukraine is heating up. New York City is now in the spotlight because it is the location where Russian Oligarchs own property.
Oligarchs Face Sanctions
Instead of worrying about their own country that is in shambles, politicians, including many Republicans are focusing on sanctioning people associated with Russian President Vladimir Putin.
Alexi Navalny is an opposition leader to Putin and he has made a list of the Russian president’s closest confidantes. It is not entirely clear what is happening between the two European countries as the mainstream media and its narrative cannot be trusted.
But this hasn’t stopped officials from putting sanctions on Russians. Over a dozen countries have agreed to bad private Russian planes from domestic airways. However, some top oligarchs have yet to be shown the same treatment but many politicians are wanting that to change.
Finances in Question
Sanctions will hurt both oligarchs’ finances but also their status. The director of the Terrorism, Transnational Crime and Corruption Center at George Mason University gave his input on the matter.
“The oligarchs are deeply concerned about travel bans because they undermine their reputations and philanthropy, which they use to bolster their public image,” said Louise Shelley.
One of the most prominent people on the list is Roman Abramovich who is a billionaire and supposedly has strong ties with Putin. People like him have transferred money to associates or relatives in the past to try and evade sanctions.
New York is the Hotspot
It is unclear what it will mean for oligarchs who own property in the state of New York. They are usually good at concealing their holdings so connecting them to their assets can be challenging.
💥 IMF: Sanctions on Russia could hurt US dollar, boost #Bitcoin and crypto
— Bitcoin Magazine (@BitcoinMagazine) March 31, 2022
Will sanctions hurt the American people also? Most certainty. Will that stop politicians from doing so? It appears not.
