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
Shireen Abu Akleh’s Murder Not “Intentional,” Claims State Department
July 5, 2022
Take Action Now “The odds that those responsible for the killing of Shireen Abu Akleh will be held to account are all but…
Joe Biden Is Faltering Amid The Biggest Challenges Of His Presidency
July 5, 2022
Take Action Now Joe Biden is not up to the task at hand By Eoin Higgins, The Flashpoint During the 2020 Democratic primary,…
Planned Parenthood Employees’ Push To Unionize Is More Urgent Than Ever
July 5, 2022
Take Action Now As Minnesota becomes a sanctuary state for abortion seekers, health care workers continue their union drive to…
Nuclear War Could Mean Annihilation, But Biden And Congress Are Messing Around
July 5, 2022
Take Action Now The Biden administration hasn’t just remained mum about current nuclear war dangers — it’s actively…