Why has no progress been made on an international financial registry? One simple reason: wealthy westerners don’t want one.
By Thomas Piketty, The Guardian
The Ukrainian crisis has revived an old debate: how to effectively sanction a state like Russia? Let’s say it straight away: it is time to imagine a new type of sanction focused on the oligarchs who have prospered thanks to the regime in question. This will require the establishment of an international financial register, which will not be to the liking of western fortunes, whose interests are much more closely linked to those of the Russian and Chinese oligarchs than is sometimes claimed. However, it is at this price that western countries will succeed in winning the political and moral battle against the autocracies and in demonstrating to the world that the resounding speeches on democracy and justice are not simply empty words.
Let us first recall that the freezing of assets held by Putin and his relatives is already part of the arsenal of sanctions that have been tried for several years. The problem is that the freezes applied so far remain largely symbolic. They only concern a few dozen people, and can be circumvented by using nominees, especially as nothing has been done to systematically measure and cross-reference the real estate and financial portfolios held by each of them.
Recent Posts
Students On The Front Line For A Free Palestine
April 26, 2024
Take Action Now The Gaza protests are moral, brave, and part of a much broader struggle. by Richard (RJ) Eskow, The Zero Hour Report It’s…
Nuclear Power’s Lethal, Larcenous End Game
April 26, 2024
Take Action Now For the first time since 1954, no large new atomic reactors are under construction or on order in the United States. By Harvey…
200 Caring People Are Ready To Sail On The Freedom Flotilla To Gaza
April 25, 2024
Take Action Now For decades, corporations have used taxpayer-funded fellowship opportunities to help them secure billion-dollar defense contracts.…
Is The Iran Nuclear Deal Dead Forever?
April 25, 2024
Take Action Now Trump blew up the deal — why hasn’t Biden taken the opportunity to fix it? by Bob Dreyfuss, Tom Dispatch One, erratic and…