Muristek
Washington, February 26
The term Russian oligarch conjures images of posh London mansions, gold-plated Bentleys and sleek superyachts in the Mediterranean, their decks draped with partiers dripping in jewels.
Wealth distribution
A 2017 study of Russian oligarchs estimated that $800 billion is held by wealthy Russians in the UK, Switzerland, Cyprus, and similar offshore banking centresThat vast fortune, held by a few hundred ultra-rich individuals, is roughly equal to the wealth of the entire rest of the Russian population of 144 million peopleBut the raft of sanctions on oligarchs announced by President Joe Biden this week may do little to dim the jet-setting lifestyles of Russia's ultra-rich and infamous. US sanctions target Russian President Vladmir Putin and a handful of individuals believed to be among his closest security advisers, including Foreign Minister Sergey Lavrov. But the list is just as notable for who isn't on it — most of the top names from Forbes' list of the richest Russians whose multi-billion-dollar fortunes are now largely intertwined with the West, from investments in Silicon Valley start-ups to British Premier League soccer teams.
Citing concerns of European allies, the US didn't impose what was seen as harshest punishment — banning Russia from SWIFT, the international system that banks use to move money around world. Putin and the oligarchs have had decades to stash assets overseas, much of it hidden in ways specifically designed to avoid sanctions. — AP