How Are Russian Oligarchs Buying And Selling Luxury Items?

UncategorizedOctober 20, 2022

Vladimir Putin is Russia’s president, whose accession occurred in the year 2000. Since then, Putin’s oligarch allies have developed a liking for the luxurious lifestyle and things, such as jets, yachts, villas, and other possessions, which they get with the help of professionals along the way. However, in recent times, this has changed due to Russia’s invasion of Ukraine.

As most of us would know by now, Russia and Ukraine have had ongoing conflicts for a decade, and in 2022, on the 22nd of February, a major escalation took place when Russia invaded Ukraine. The invasion led to uncountable deaths on both the Ukrainian as well as Russian sides, resulting in the largest refugee crisis in Europe ever since the 2nd World War.

The Oligarchs And Their Possessions

Why has this become a problem for the life of the Oligarchs? As it turns out, the government decidedly sanctioned the inner circle members of President Putin, meaning that all their assets and wealth went into the hands of people to make insider deals as sovereign assets. All their planes in hangers and yachts on docks have been seized by the authorities.

However, the oligarchs remain to be at an advantage because the authorities may have targeted them, but they weren’t able to identify the enablers, aka the professional people that help them purchase and maintain their goods.

Bob Ward/Pexels | Russian oligarchs have been sanctioned by the authorities

The Oligarch’s Secret Work

Records have proved that the Russians currently under the sanctions are relying on a group of professionals in Europe, North America, and Asia for their services. Brokers sell insurance, attorneys write contracts, accountants and bankers move the money around, and shipbuilders render the keys. They want all this work without them asking about where the money is coming from.

Karolina Grabowska/Pexels | With the help of lawyers, the Russians are still dealing with their playthings

Experts’ Opinions

What the Western enablers have to say about this is that they have broken no law while helping the Russians. However, experts believe otherwise; they say that everyone has a choice as well as an opportunity to recognize their clients and say no to the business if they want.

The co-founder of Transparency International, Frank Vogl said that the oligarchs couldn’t move their vast funds to the Western market with such safety and secrecy without the help of Zurich, Wall St, London bankers, property dealers, lawyers, yacht brokers, and other financial consultants.

Mikhail Nilov/Pexels | Experts believe that what these people are doing for the Russians is wrong.

He also talked about everyone having the choice in business to do the right thing; one can either act with integrity or be selfish and work in the shadows to make dirty money.