Seize, don't just freeze, Putin's billions
In response to the aggression against Ukraine, the United States, the European Union and democratic states across the globe (even banker-friendly Switzerland) have frozen the assets of Russian President Vladimir Putin and his oligarchic cronies. This has clearly failed to halt the onslaught. The question is what to do now.
The answer is, it is time to seize the frozen assets and use them to support humanitarian aid in Ukraine and the more than 1 million Ukrainians forced to flee as refugees. If and when Ukraine is freed from Russian occupation, any remaining funds can be used to help rebuild the country. In the meantime, the seizure would relieve the European taxpayers who will pay to support the refugees and punish the responsible aggressors.
The sums involved are potentially enormous. Various economists have estimated Putin’s wealth between $100 billion and $200 billion — largely held in offshore accounts and properties outside of Russia, and therefore potentially subject to seizure.
But he is not the only Russian whose assets are vulnerable. The National Bureau of Economic Research estimated in a 2017 paper that the amount of Russian wealth held outside the country was about $800 billion — roughly equal to the total wealth of all Russians inside Russia. The scale of this financial diaspora was corroborated by the 2021 Pandora Papers, which identified 4,400 Russians with stakes in offshore companies. Forty-six of them were identified as oligarchs, including oil magnate and close Putin associate Gennady Timchenko, who was sanctioned by the United Kingdom last week. Seizing the assets of Putin’s supporters among these wealthy and well-connected Russians could be a game changer.
https://www.washingtonpost.com/opinions/2022/03/03/seize-dont-just-freeze-putins-billions/
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For Ukraine!
