The West’s Tax Loopholes Render Sanctions on Russian Oligarchs Moot

Where would Vladimir Putin be without the Russian oligarchy? Without Russia’s oligarchs, political leaders of the Western world have concluded, Putin would be tottering. Western leaders have made squeezing Russia’s richest a central piece of their strategy to end Putin’s Ukraine cross-border assault. These same Western leaders, unfortunately, have failed to take seriously what ought to be an equally pressing question: Where would Russia’s oligarchs be without the West, without the Wall Streeters, wealth managers, and assorted other high-finance riff-raff “paid millions,” as Institute for Policy Studies analyst Chuck Collins puts it, “to help billionaires sequester trillions”? Western leaders have…

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