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Oligarchs and Politically Connected Billionaires Use Ill-Gotten Funds for Yachts and Lavish Lifestyles
As a result of Vladimir Putin’s unprovoked invasion of Ukraine, unified countries across the globe have imposed unprecedented levels of sanctions against Russia. The sanctions are having their intended impact of leveling the Russian economy. They are also exposing the level of corruption within the Russian state that starts with Putin and has benefited the political and military elite over the people of Russia.
Transparency International (TI), a global organization that works to expose and end corruption in over 100 countries, has stated the impact that the sanction defense strategy can have:
“Among other measures, European Union member countries, Canada, United Kingdom and the United States have all announced targeted sanctions against Kremlin-linked individuals and businesses – many of whom are suspected of large-scale corruption.
In a kleptocratic system such as today’s Russia, going after the elites can be meaningful. The vast wealth that Russian kleptocrats have amassed - and continue to enjoy - has helped President Putin tighten his grip on power and exert influence over the affairs of other nations, as well as emboldened his geopolitical ambitions.”
TI has graded Russia as a “high” risk for corruption for a number of years. This explains Russia’s anxiety over anti-corruption efforts in Ukraine where leaders are working to shift the power dynamic away from political insiders and toward true democratic reforms.