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I don't think money laundering and corruption narrative makes sense here. Since the west basically controls the financial system of the world, it's only natural

I don't think money laundering and corruption narrative makes sense here. Since the west basically controls the financial system of the world, it's only natural for Russia to adopt an alternative that no one controls and take away some power from the west. The only weird part is that they actually figured this out.

tadfisher 9y ago
It at least highlights the potential ineffectiveness of monetary sanctions on changing the political climate, which is the point of the Magnitsky Act. I pretty much disagree with this point, however, until banks and hedge funds offer services denominated in cryptocurrencies. The Act is still a hurdle for those named to do any "legitimate" business in the West, hence Putin's relentless campaign to repeal it.
- tryingagainbro 9y ago
  The Russians, the Chinese and the African tin pot dictators want their money out because they know it can be seized by the next government. If you end on the wrong side of Putin, you're shipped to Siberia and everything seized to pay the billions in tax debt, you all of the sudden owe. Plus, now that they have money they want to be able to get some respect. What good is money unless you can spend outside Russia in places like Greece, Monaco...
sexydefinesher 9y ago
In The Atlantic's ^1 article on the magnitsky law they mention that oligarchs store their wealth in western banks 'where property rights and rule of law exist.'. Ive also heard somewhere that there is a theory of Russia being a British/Western crypto-colony since so many oligarchs live in London. 1 - https://www.theatlantic.com/politics/archive/2017/07/bill-browders-testimony-to-the-senate-judiciary-committee/534864/ https://www.theatlantic.com/politics/archive/2017/07/bill-br...